Thomson Resources (ASX:TMZ) reports it has entered into an $2.25 million share placement agreement with Lind Global Fund II, LP.
Thomson notes that it anticipates receiving the funds within five business days with the capital to be used to continue progressing its New England Fold Belt Hub and Spoke Strategy.
That strategy, the company said, is focused on bringing together ‘new economy metals’, principally silver, in a number of deposits located in northern New South Wales and southern Queensland, Australia.
It has been designed and executed in order to create a large precious (silver, gold), base and technology metal (zinc, lead, copper, tin) resource hub that could be developed and potentially centrally processed.
Commenting on the agreement, Executive Chairman David Williams commented: “Lind has been there supporting us in previous placements and have therefore become familiar with Thomson Resources and its New England Fold Belt Hub and Spoke Strategy.
“To now have Lind supporting us with a direct investment as a meaningful stakeholder is fantastic”
To now have Lind supporting us with a direct investment as a meaningful stakeholder is fantastic.
The structure of the share placement agreement is quite innovative and provides us with quite a controlled environment for the holding of the shares issued under the Agreement with a lock up and subsequent substantial restrictions on selling shares.
This support and flexibility it provides is very important as we reach the crucial stage of completion of the Central Processing Facility Pathway Stage 1 Study.”
Addressing the share placement agreement, The Lind Partners founder Jeff Easton commented: “Lind is extremely pleased to be investing in Thomson Resources for a third time and becoming a meaningful stakeholder.
We have watched what the Thomson team has achieved in such a short period with its silver Hub and Spoke Strategy which is culminating with the Pathway Study which we hope will bring it all together and deliver growth and shareholder value for all Thomson shareholders.”
Thomson Resources holds a diverse portfolio of minerals tenements across gold, silver and tin in New South Wales and Queensland. The company’s primary focus is its aggressive “New England Fold Belt Hub and Spoke” consolidation strategy in NSW and Qld border region.
The key projects underpinning this strategy have been strategically and aggressively acquired by Thomson in only a four-month period. These projects include the Webbs and Conrad Silver Projects, Texas Silver Project and Silver Spur Silver Project, as well as the Mt Carrington Gold-Silver earn-in and JV.
As part of its New England Fold Belt Hub and Spoke Strategy, Thomson is targeting, in aggregate, in ground material available to a central processing facility of 100 million ounces of silver equivalent.
Images: Thomson Resources Limited
