- Theta Gold Mines (TGM) advises it's raised $10.6 million in additional equity for its TGME Gold Project in South Africa
- The equity raise comprises a $6 million secured bond from a German investment company, 2Invest AG
- It also includes a $3.13 million placement to Australian and overseas investors, as well as a $1.5 million shareholder purchase plan
- The capital will help progress TGME's environmental and water studies, early mine trials, bulk sampling programs and definitive feasibility studies
- Shares in Theta Gold Mines are down 6.82 per cent at 20.5 cents per share at 2:40 pm AEST
Theta Gold Mines (TGM) advises it's raised $10.6 million in additional equity for its TGME Gold Project in South Africa.
In an announcement on Monday the mining stock revealed it had secured the extra funding via support from German investors.
Specifically, Theta said German finance business 2Invest AG6 had invested $6 million in a secured bond to fund the gold project.
The same company also agreed to cornerstone, along with other Australian and overseas investors, a $4.626 million equity raise.
Of that raise, $3.126 million would come from a placement while the other $1.5 million would be raised via a proposed shareholder purchase plan.
Theta Chairman Bill Guy said the raise came at an exciting time for the TGME Gold Project.
"We welcome 2Invest AG as a new strategic financier and also thank all other new and existing domestic and international investors for their support as we advance into a very exciting growth phase for the company in a significant gold field," Mr Guy said.
TGN plans to use the capital to help progress the project's environmental and water studies, early mine trials, bulk sampling programs and definitive feasibility studies on each of TGME's assets.
Meanwhile, shares in Theta Gold Mines have been reinstated to official quotation following today's announcement.
Shares in Theta Gold Mines were down 6.82 per cent at 20.5 cents per share at 2:40 pm AEST.