This comes after the company received firm commitments to raise $1.056 million through a share placement to new and existing professional and sophisticated investors.
High level of interest
Todd River chief executive officer Will Dix said the company had received a high level of investor interest based on recent drilling results and the positive outlook for base metals generally.
“This is a great result for the company which allows us to push hard with ongoing exploration programs while preserving our excellent capital structure,” he said.
The capital raising, with Sanlam Private Wealth acting as lead manager, comprises more than 11.73 million fully-paid shares at 9 cents per share to qualified institutional and sophisticated investors.
Focus on Mt Hardy
The funds will primarily be used to underpin the ongoing exploration program at the Mt Hardy Copper-Zinc Project, as well as the planned new work programs at the Rover and McArthur projects.
Diamond drilling and down-hole geophysics at Mt Hardy will target extensions of the recently announced massive sulphide interval of 25 metres at 2.4% copper and 4% zinc.
Dix said: “The recent high-grade drilling results from Mt Hardy provide a great platform to build from and we are looking forward to developing a better understanding of the geometry and extent of the mineralisation through further drilling, supported by down-hole geophysics.
“We are also looking forward to the start of work at both Rover and McArthur in the coming months, which should open up additional exploration opportunities for the company alongside the emerging discovery at Mt Hardy.”