True North Copper (ASX:TNC) has signed binding documentation with Millinium Capital Managers as trustee for specialist mining investment MP Materials and Mining Group Fund for a placement of $5 million.
Funds from the placement will be put towards working capital, including exploration programs.
The placement comprises the issue of about 41.666 million fully paid ordinary shares in True North at an issue price of $0.12 per share.
True North, which has a market capitalisation of $42.34 million, says the issue price represents a 66.67% premium to the last closing price of $0.072 prior to the placement.
Settlement of the placement and the issue of the shares is anticipated to occur in tranches within the next 7 business days.
Further, the company announced yesterday (27 March 2024), it will be starting mining ore at the Wallace North Project in the coming weeks in May, as part of a transformative phase for its Cloncurry Copper Project in Queensland
Millennium Capital Managers are an investor on behalf of institutions and family offices across a broad range of domestic and international asset classes.
True North Copper is a critical minerals-focused mining company with its two major projects in Queensland, Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: True North Copper
