Trigg Mining (ASX:TMG) to raise $4 million for Lake Throssell Sulphate of Potash project – The Market Herald

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  • Trigg Mining (TMG) to raise $4 million through renounceable rights issue and follow-on placement
  • The funds will be used to accelerate ongoing work programs at its flagship Lake Throssell sulphate of potash (SOP) project near Alice Springs
  • The company was originally looking to raise $3.3 million, but due to additional demand, it will undertake a placement to raise an additional $720,000.
  • Trigg Mining will issue 53.3 million new shares as well as 26.7 million new options, exercisable at 15 cents and expiring in February 2024
  • Shares are trading down 3.61% today at eight cents apiece

Trigg Mining (TMG) will raise $4 million through a renounceable rights offering and follow-on placement to accelerate ongoing work programs at its flagship Lake Throssell Sulphate of Potash project (SOP) near Alice Springs.

The company was originally looking to raise $3.3 million, but due to additional demand, it will undertake a placement to raise an additional $720,000 on the same terms as the rights issue.

This will bring the total amount raised to $4 million.

The company will issue 53.3 million new shares along with 26.7 million new options, exercisable at 15 cents and expiring in February 2024.

The company said proceeds from the rights offering and follow-on offering would put it in its strongest position since listing.

The funds will be used to advance its Lake Throssell Sulphate of Potash project to the next stage of development.

This includes funding general working capital and advancing the Throssell Lake Pre-Feasibility Study (PFS) following the positive scoping study completed last year.

Managing Director and CEO Keren Paterson said the funding would put the company in a strong position.

“This is a great result and we would like to thank our shareholders for the strong support they have shown us during this rights issue, demonstrating their continued commitment to the business and their enthusiasm for our future as we bring the Lake Throssell SOP project toward development,” she said.

“With the recent grant of key buildings increasing our tenure granted to Lake Throssell to over 1000 square kilometres, we are in a strong position to accelerate work on the pre-feasibility study – which is now progressing on several fronts.

The shares were trading down 3.61% today at 8 cents apiece at 3:11 p.m. AEDT.