By Sheri Kasprzak
New York, Oct. 19 - Titanium Resources Group Ltd. said it has wrapped a private placement of stock for £10 million.
A group of institutional investors bought 20 million shares at 50p each. The offering represents 10.7% of the company's existing issued share capital.
Arbuthnot Securities Ltd. was the placement agent.
Proceeds from the private placement will be used for converting additional resources to reserves through in-fill drilling and other general corporate purposes.
Based in London, Titanium Resources is a titanium exploration company.
| Issuer: | Titanium Resources Group Ltd.
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| Issue: | Stock
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| Amount: | £10 million
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| Price: | 50p
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| Warrants: | No
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| Placement agent: | Arbuthnot Securities Ltd.
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| Settlement date: | Oct. 19
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| Stock price: | 55p at close Oct. 18
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