By Devika Patel
Knoxville, Tenn., Sept. 18 - Tectonic Resources NL said it will raise A$1.95 million in a private placement of shares via agent Patersons Securities Ltd.
The company will sell 39 million shares at A$0.05 per share.
The issuer also plans a rights issue at the same share price to raise a further A$3.05 million.
Proceeds will be used for exploration, a feasibility study into the development of the Gold/Copper Phillips River Project and working capital.
Burswood, Australia's Tectonic Resources is a gold, silver and base metals explorer.
| Issuer: | Tectonic Resources NL
|
| Issue: | Ordinary shares
|
| Amount: | A$1.95 million
|
| Shares: | 39 million
|
| Price: | A$0.05
|
| Warrants: | No
|
| Agent: | Patersons Securities Ltd.
|
| Pricing date: | Sept. 18
|
| Stock symbol: | Australia: TTR
|
| Stock price: | A$0.085 at close Sept. 18
|
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