- Thomson Resources (TMZ) receives a $2.6 million investment via a share placement agreement with Patras Capital to help fund its minerals projects in New South Wales and Queensland
- The agreement comprises four tranches of $650,000, with the first placement tranche made today
- For the first placement tranche, the placement price has been set at six cents per share
- Funding received over the four months will go towards Thomson’s “New England Fold Belt Hub and Spoke” consolidation projects
- TMZ shares steady at 6.1 cents
Thomson Resources (TMZ) has received a $2.6 million investment via a share placement agreement with investment fund Patras Capital to help fund exploration of its minerals projects in New South Wales and Queensland.
Thomson said the agreement, based on the performance of its shares, would provide underlying funding to the company for the next four months.
The first of four tranches of $650,000 from Patras will be made today. For the first tranche, the placement price was set at six cents per share.
Thomson said the placement prices were measured against a benchmark price representing a 15 per cent premium to the placement price.
Patras will also receive one option for every two shares issued under the placement tranche, on the same terms as the currently listed TMZ share options.
Thomson’s “New England Fold Belt Hub and Spoke” consolidation strategy asset portfolio straddling the NSW and Queensland border region includes the Webbs and Conrad silver projects, Texas and Silver Spur silver projects and the Mt Carrington gold-silver earn-in.
TMZ shares were steady at 6.1 cents at 10:55 am AEDT.