Oversubscribed capital raise completed for funding of $15M through the issue of convertible loans
TNT to acquire high-grade Mt Ida gold and copper project. (Credit: Michael Gaida from Pixabay.)
TNT Mines is pleased to announce that it has entered into a non-binding agreement for the proposed acquisition of 100% of the issued capital in Mt Ida Gold Pty Ltd, a wholly owned subsidiary of Ora Banda Mining Ltd (ASX: OBM) (“OBM”). Mt Ida Gold Pty Ltd is the holding company of the Mt Ida Gold Project, which comprises 19 tenements (the Project Tenements) in the historical Mt Ida gold mining district, which is located approximately 100km north-west of Menzies in the WA goldfields.
The Project Tenements cover an area of 155km2 and include the historic Timoni Gold Mine and other mines, which have produced greater than 300,000 ounces of gold at a head grade of 17.2 g/t1.
The Mt Ida project has total resources of 318,000t @13.8g/t of gold for 141koz, Indicated resources total 136,000t @ 18.6g/t gold for 81koz with 182,000t @ 10.3g/t gold for 60koz in Inferred category. This information was prepared and first disclosed under the JORC Code 2004. It has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was last reported.
Further details of the asset can be seen in the enclosed presentation titled Mt Ida Acquisition.
The Mt Ida Mineral Resources estimates are not reported in accordance with the JORC Code 2012 and Competent Person has not done sufficient work to classify the estimates of Mineral Resources or Ore Reserves in accordance with the JORC Code 2012. It is possible that following evaluation and/or further exploration work the currently reported estimates may materially change and hence will need to be reported afresh under and in accordance with the JORC Code 2012.There is nothing has come to the attention of the acquirer that causes it to question the accuracy or reliability of the former owner’s estimates at this stage although the acquirer has not independently validated the former owner’s estimates and therefore is not to be regarded as reporting, adopting or endorsing those estimates.
TNT Chairman Alex Hewlett commented1 on the acquisition, “This proposed transaction and capital raise will be transformative for TNT. It will bring in a project with a very high-quality high-grade gold resource and a mineral field with multiple advanced gold, copper, nickel, and lithium targets. The quality of the capital raise and significant support from global institutional investors further supports our view of the project and our team’s ability to generate returns for our shareholders.”
Source: Company Press Release