Terra Metals plans to use the funds for infill and extensional drilling at the project. Pic: Getty Images.
Terra Metals raises $6m to double down on Dante Reefs discovery
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- Terra Metals is raising $6m to accelerate drilling at Dante Reefs
- The company recently flagged Bushveld-style copper-PGE reefs at the project
- Several resource focused institutions have supported the placement
Special Report: Terra Metals has successfully secured commitments from institutional and sophisticated investors for a $6 million placement at $0.06 per share to accelerate exploration and development at the Dante project in WA.
Several new resource focused institutions supported the placement, which Terra Metals (ASX:TM1) says validates the recent Dante Reefs discovery where the company recently flagged multiple copper-PGE reefs similar to South Africa’s Bushveld province.
In addition, the company’s largest shareholder, Tribeca, has committed to subscribe for approximately $941,000 under the placement.
Putting additional skin in the game, directors of the company have also committed to subscribe for $174,000, subject to shareholder approval.
Doubling down on Dante discovery
“Our recent copper-platinum group element sulphide discovery at the Dante Reefs is the first of its kind in Australia,” TM1 CEO and managing director Thomas Line said.
“The Dante Reefs are mapped to outcrop for at least 42km of strike across the Dante project, with most remaining undrilled.
“Proceeds from the placement will now allow us to accelerate our plans to grow and develop this exciting discovery.”
Proceeds from the placement will be used for infill and extensional drilling at the Dante Reefs along with metallurgical and mineralogical analysis at the Dante Reefs.
The funds will also be used for geophysical surveys across the broader Dante project and new discovery drilling of magmatic copper sulphide targets at the project.
This article was developed in collaboration with Terra Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
