Small & fast cash up. This was telegraphed at the AGM, they...

Small & fast cash up.

This was telegraphed at the AGM, they sought a 10% placement capacity and have now used it.
Its a small CR of 10% to an INSTO likely Ruffer with instant cash boost with immediate deployment
If anyone deserves cheap shares it is Ruffer who took shares 3 years ago at the last CR at 36c
Ruffer also supported the BOD in the 2017 EGM spill and were stated at the AGM as having meetings with the BOD & were very supportive. Unlikely to be Investec as they still have their $4M options at 13c.

Last CR was larger, 2.5 years ago and at a higher price of 36c.
This should have a positive effect by boosting cash at bank, drilling budget & balance sheet.

TRY should be now net secured debt free $14.6M + $5M + $5M - U$8.19M = +A$14M (minus TC)
These funds will allow OC to get to mining restart, clearly going to be used for the road/bridge build and OC mine prep, smarts 3 production support:-

Drillings & Infrastructure – Ohio Creek $2.0 million
Pit Cutback – Smarts 3 $1.3 million
Working Capital & Cost of Issue $1.7 million

Market has already heavily discounted TRY for production, LOM and FCF so shouldnt change anything.

The fact this was so fast and easily taken up means the onmarket volume is just not there for any INSTO to grab a large swathe of cheap shares and if they did it would 2 bagger as no one is selling.

The good news is TRYs finances just got a lot better and its fully funded and net secured debt free and building its cash position and using cash for drilling and building producing mines.