TNG SECURES INVESTMENT FROM LEADING HONG KONG INSTITUTION WITH A$2M PLACEMENT
Cash reserves boosted to $6.2M, strengthening the Company’s financial position as it completes TIVAN® test work, Mount Peake Feasibility and commences development plans and project financing Australian strategic metals company TNG Limited (ASX: TNG) is pleased to announce that it has secured A$2 million investment from a leading London and Hong Kong based Institutional investor. The unconditional placement, comprising 13.33 million shares at an issue price of 15 cents per share, is expected to be settled on 26 May 2015. The offer from the Institution followed shareholder approval to refresh the Company’s placement capacity at the Extraordinary General Meeting on 20 May 2015. Directors welcome the placement and consider this a prudent strengthening of the company’s cash position. The funds raised from the Placement will be used for completion of the development and commercialisation of TNG’s 100%-owned TIVAN® hydrometallurgical process, completion of the Feasibility Study on the Company’s 100%-owned Mount Peake Vanadium-Titanium project in the Northern Territory and to progress activities in relation to the development and financing of the project. Following settlement of the Placement, TNG’s cash reserves will stand at approximately $6.2 million. TNG’s Managing Director Paul Burton said the additional placement further strengthened the Company’s financial position at an important time as it completes the Mount Peake Feasibility Study and moves into development planning and project financing preparation. “We are pleased with the continued interest and support from Hong Kong institutional investors,” he said. “While investment capital remains very difficult for many resource companies, TNG has been able to attract a significant level of funding, representing a strong vote of confidence in both the Company and the Mount Peake Project by a leading London and Hong Kong based institutional investor.” Paul E Burton Managing Director 25 May 2015
TNG Price at posting:
19.5¢ Sentiment: Buy Disclosure: Held
