Titan banks bulk of $7.6 million entitlement offer

Titan Minerals (#ASX:TTM) has banked the first $4.1 million of a $7.6 million one-for-6 entitlement offer to fund exploration activities at the Dynasty Gold Project in Ecuador.    

The $47.27 million market capitalisation company says the funds represent the maximum amount it could raise under the institutional portion of the offer, with strong support from new and existing investors. 

The institutional component of the offer opened on 29 November 2023 and closed on 30 November. 

Titan reports funds were raised through the issue of over 254 million shares at an offer price of $0.03 — a 9.1% discount to its last trading price on 24 November 2023 and a 4.7% discount to its 5-day volume weighted average price (VWAP) up to and including 24 November. 

The company notes the entitlement offer received ‘significant’ demand for the shortfall by new institutional investors. 

Under the entitlement offer, eligible shareholders will receive one free attaching option for every new share issued exercisable at $0.035 per option and expiring on 31 January 2025. 

For every 2 attaching options subscribed for and issued eligible shareholders will also receive, for nil consideration, one additional option exercisable at $0.07 per option and expiring on 31 January 2027. 

New shares are expected to begin trading on the Australian Securities Exchange (ASX) on 7 December.

Meanwhile, the company is expecting to raise an additional $3.5 million through the retail component of the offer. The retail entitlement offer is scheduled to open on 6 December and will close at 5pm on 20 December 2023. 

Titan Minerals is focused on discovering and developing tier-one copper-gold deposits in Ecuador’s southern Andean copper-gold belt.

The company’s portfolio comprises the Dynasty Gold, Linderos, Copper Duke, and Copper Field projects in southern Ecuador. 

As of 30 September 2023, Titan Minerals had $772,000 cash and cash equivalents at hand.  

Write to Adam Drought at Mining.com.au

Images: Titan Minerals
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Written By Adam Drought
Born and raised in the UK, Adam is a sports fanatic with an interest in Rugby League and UFC/MMA. When not training in Muay Thai and Brazilian Jiu Jitsu, Adam attends Griffith University where he is completing his final year of a Communication & Journalism degree.