- Trigg Mining (TMG) plans to raise up to $2.3 million through a renounceable rights issue
- The company will offer two new shares for every seven shares currently held, at 14 cents each
- Proceeds from the issue will be used to advance Trigg's sulphate of potash projects in Western Australia
- In particular, funds will go towards an upcoming maiden aircore drilling program at the Lake Throssell discovery
- Trigg Mining closed Thursday's session 15.56 per cent in the red to trade for 19 cents
Trigg Mining (TMG) is planning to raise up to $2.3 million through a renounceable rights issue.
Under the rights issue, the company will offer two new shares in Trigg for every seven shares currently held at 14 cents per share. The rights issue comes with one free attaching option that is exercisable at 25 cents and will expire on October 31 2022.
All directors of Trigg Mining intend to participate in the company’s rights issue.
Funds from the issue will be used to advance Trigg Mining’s sulphate of potash projects in Western Australia’s Laverton region. In particular, funds will go towards an upcoming maiden aircore drilling program at the Lake Throssell and Lake Rason projects.
Trigg Mining’s Managing Director, Keren Paterson said the company was pleased to give shareholders an opportunity to participate in Trigg's continued growth and success.
“The funds raised will be used to continue to advance the high-grade Lake Throssell Project, establish the company’s second Mineral Resource Estimate since listing in October last year, and progress towards economic studies for what we believe has the potential to be a significant new long-term SOP production hub in WA," she stated.
Karen went on to say the offering will provide shareholders with an opportunity to maintain or increase their investment in Trigg, on the eve of a potential maiden Mineral Resource Estimate for Trigg's flagship asset at Lake Throssel.
The company hopes the project will provide the foundations for a sustainable, long-term business in the fast growing sulphur of potash market.
Trigg Mining closed Thursday's session 15.56 per cent in the red, to trade for 19 cents.