The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Titanium Sands (TSL) is set to raise $2.7 million for exploration at its Manner Island Project in Sri Lanka
  • The company will raise the money through a placement and share purchase plan (SPP)
  • Under the placement, the company will issue 50 million shares at 4.3 cents per share to raise $2.2 million
  • Meanwhile, the SPP will raise the remaining $500,000 at the same price as the placement
  • With COVID-19 restrictions now eased at Sri Lanka, exploration at the project has resumed
  • Titanium Sands is down 1.79 per cent and shares are trading for 5.5 cents per share

Titanium Sands (TSL) is set to raise $2.7 million for exploration at its Manner Island Project.

The company will raise the money through a placement and share purchase plan (SPP).

Placement

Under the placement, the company will issue 50 million shares at 4.3 cents per share to raise $2.2 million.

The subscribers will also be offered one free attaching option, at 10 cents and will expire in three years.

Share purchase plan

While the SPP will raise the remaining $500,000 at the same price as the placement.

Eligible shareholders will be able to purchase up to $30,000 worth of shares. Subscribers will also be offered the attaching option.

Where will the funds go?

Titanium will use the funds raised for a further drilling program at its Manner Island Project in Sri Lanka.

Mannar Island is located in the northwest of Sri Lanka. It is a 26-kilometre-wide sand island joined to the Sri Lankan mainland by a three-kilometre railway.

With COVID-19 restrictions now eased in Sri Lanka, exploration at the project has re-commenced.

Coming out of back-to-back trading halts, Titanium Sands is down 1.79 per cent and shares are trading for 5.5 cents each at 3:29 pm AEST.

TSL by the numbers
More From The Market Online

Sierra Rutile rejects takeover bid from PRM Services again

Sierra Rutile has urged its shareholders for a second time to reject a takeover offer from…

Terra Uranium picks up prime 15M-pound deposit in Canada

Terra Uranium has bolstered its Canadian portfolio by acquiring the Amer Lake deposit in Nunavut, which…
The Market Online Video

Lithium Universe locks in shipping port location for lithium spodumene imports

Lithium Universe (ASX:LU7) has locked in a maritime port through which it can receive shipments of…

AIC raises ore reserve estimates by 86% copper and gold at QLD’s Jericho

AIC Mines has updated its ore reserve estimate at the Jericho deposit in north Queensland showing…