Thomson Resources (ASX:TMZ) reports it will undertake a 1 for 1 Non-Renounceable Entitlement Offer (Offer) to raise up to $1.74 million before expenses.
The company says shares will be issued at a price of $0.002 per new share, and that for each 3 new shares issued under the offer eligible shareholders will receive 1 free accompanying option with an exercise price of $0.02, as well as a term of 4 years from the date of issue.
Adding on, Thomson notes the issue price of new shares of $0.002 represents a discount of 89.4% to the 15-day VWAP of $0.0188 and 87.5% to the last market price of $0.016, in order to encourage maximum participation by existing shareholders.
The company also notes that PAC Partners Securities has advised on the offer, and will act as Lead Manager and Underwriter.
Funds raised are expected to be used across the company’s existing project portfolio, to review value accretive projects, and for working capital.
In addition, Thomson reports the offer comes following the immediate departure of Executive Chairman David Williams, and the immediate appointment of Richard Willson as the new Non-Executive Chairman of Thomson.
It is also reported the company has welcomed Craig Sharpe to the Board as its new Non-Executive Director, which was held by Willson prior to his appointment of Non-Executive Chairman.
Mr Sharpe brings over 25 years experience in finance across the Asia Pacific including FX, institutional, retail, corporate, and management, as well as a large network of investor and industry professionals across the Asia Pacific region. The company reports he holds a Bachelor of Commerce in Economics and Finance, and is currently the Non-Executive Director of Lightning Minerals (ASX:L1M).
Meanwhile, Thomson also announces it has sold its non-core Bygoo Tin Project for $600,000 cash, as part of its strategy to rationalise its project portfolio where value can be created for its shareholders.
Thomson Resources is an ASX-listed battery, base and precious metals focused company that currently holds a ‘diverse’ portfolio of mineral tenements across battery minerals, gold, and silver in New South Wales and Queensland. The company’s current focus is its ‘aggressive’ “New England Fold Belt Hub and Spoke” consolidation strategy in NSW and QLD border region, which has been designed and executed to create a large precious base and battery metal resource hub that could be developed and potentially centrally processed.