True North extends settlement date for $5 million placement

True North Copper (ASX:TNC) has agreed with Millinium Capital Managers to extend the settlement date for a share placement to 31 May 2024. 

As previously reported, True North, which has a market capitalisation of $51.16 million, signed binding documentation with Millinium as trustee for specialist mining investment MP Materials and Mining Group Fund (MCP) for a placement of $5 million. 

The proceeds will be used for general working capital, as well as exploration activities. 

Settlement of about 8.3 million ordinary shares at $0.12 per share for $1 million of this placement occurred on 26 April 2024. 

MCP has requested a further extension to the settlement of the balance of $4 million to no later than 31 May 2024. 

True North Copper has several projects considered prospective for copper, cobalt, gold, and silver across Queensland, Australia. They include the Cloncurry, Mt Oxide, and Bundarra projects. 

True North Copper is a critical and precious metal explorer headquartered in Cairns, Queensland. 

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Images: True North Copper
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.