I made a post a short while ago after ringing the office which dealt with this subject. In summary they have a lot of plans in place to prove up the Mt Peake project including drilling for Copper as well as the Ferro Vanadium project.
I believe there are a number of things that the funds will be used for; 1. Drill program has been flagged to increase the confidence in the orebody from Inferred to to Indicated. May not sound vry exciting but it ois necessary step in progressing the project. I believe the dril pogram will be completed by mid year.
2. Pre fesibility study - lots of work required to take the Scoping Study to the next level prior to a Fesibility Study.
3. Pilot Plant will determine on a more practical level whether or not the much vaunted metallurgical process works in the real world outside of the laboratory.
4. General Working Capital - you always ned cash to pay the bills, rent , salaries etc - I guess you can never have enough cash.
Expect the capital raising to be made at a fair discount to the current SP. It is unfortunate but it is the way of the world when you need punters to part with their hard earned cash. Good move on TNG's behalf to raise some cash to progress the project. Lets not die wondering and get on and prove what we can or cant do with Mt Peake.
cheers W2
TNG Price at posting:
13.5¢ Sentiment: Buy Disclosure: Held
