Titan Minerals Ltd (ASX:TTM) has received firm commitments to raise about $11 million through an oversubscribed placement of shares at 3 cents each to institutional and sophisticated investors.
The company is now well funded to finalise the acquisition of the Mirador copper and gold plant and to explore and develop the highly-prospective Torrecillas and San Santiago projects in Peru.
Titan’s copper assets are contained within 7,800 hectares of under-explored concessions that surround the San Santiago processing plant and are currently being mined for copper, with an attractive gold and silver credit.
The company’s gold assets include its small-scale mines at the Torrecillas project.
Mirador Plant Acquisition
Titan has completed its due diligence on the Mirador Copper and Gold plant in Peru and is now progressing to complete the transaction in early July 2018.
The placement satisfies one of the transaction conditions precedent.
Importantly, the completion of the acquisition of the Mirador Copper and Gold plant is expected to position Titan as a significant gold producer in Peru.
Fast-tracking the exploration of copper-gold tenements
Titan executive chairman Matthew Carr said: “This is an excellent result for the company and we are very pleased with the strong demand from existing and new investors.
“This paves the way to fast track the exploration of Titans exciting copper gold tenements, as well as funding the capital requirements of the Mirador plant, and the Andina Vista plant.
“We have complete confidence in the potential of both the Vista and Mirador plants and will take a measured approach to the exploration and development of the Torrecillas Gold project.”
Andina takeover bid
Titan recently entered into an agreement with unlisted public company Andina Resources, by which Titan is acquiring all of the issued share capital in Andina via an off-market takeover bid.
Titan will continue to develop its current Peruvian assets, in addition to operating Andina’s complementary assets comprising the Tulin Gold Plant and the Vista Gold Plant.