Existing shares will be worth peanuts and anyone wanting to maintain a meaningful stake will need to take up the SPP. I'm guessing it will be open up to a cap as to how much you can subscribe for (ie. not relating to current holding size).
I note funds will be used to "discharge most of the unsecured debt of the Group". I interpret that as the secured debt will remain in place.
On the surface it seems like a very large raise if they plan to park mining and just go drilling. They're obviously reasonably confident in finding something to put up that much cash though.
Ann: Update in relation to administration of True North Copper, page-3
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Last
36.0¢ |
Change
-0.005(1.37%) |
Mkt cap ! $45.85M | |||
| Open | High | Low | Value | Volume |
| 37.0¢ | 38.0¢ | 36.0¢ | $73.72K | 196.5K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 1034 | 36.0¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 38.5¢ | 5000 | 1 |
View Market Depth
| Last trade - 15.50pm 29/07/2025 (20 minute delay) ? |
| TNC (ASX) Chart |