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Tietto Minerals directors support gold strategy through $17 million placement participation

Hanjing Xu and Mark Strizek have purchased shares after approval was granted by shareholders at a general meeting.

Tietto Minerals Ltd - Tietto Minerals directors support gold strategy through $17 million placement participation
The company is one of five junior precious metals companies in Africa to watch in 2020

Tietto Minerals Ltd (ASX:TIE) directors have shown their support for the company’s West African gold strategy by participating in tranche two of the company’s $17 million share placement.

Non-executive director Hanjing Xu has acquired 769,888 shares at 26 cents per share and now holds more than 1.582 million shares in direct and indirect interests.

Executive director Mark Strizek purchased 115,385 shares and now holds almost 1.253 million shares in a direct interest.

Participation by the two directors in the placement was approved by Tietto’s shareholders at a general meeting on January 9, 2020, along with the tranche two arrangements.

Funds to accelerate drilling

Funds from the placement will allow the company to accelerate the ongoing drill-out of the rapidly expanding Abujar Gold Project in Côte d’Ivoire.

Last November, Tietto increased its JORC resource estimate by 24% to 2.15 million ounces grading 1.5 g/t gold for the two deposits within the project.

The placement has seen 65.38 million shares issued across two tranches with the second involving the issue of more than 36 million shares.

Broadened share register

This capital raising has broadened the share register through the introduction of a number of international and Australian institutional investors, as well as enjoying strong support from existing shareholders.

At the time, managing director Dr Caigen Wang said: “We are pleased to welcome our new shareholders to the register and expect to deliver a strong pipeline of exploration updates as a result of this successful capital raising which provides the company with approximately A$20 million including current cash.”

One of top five to watch

Tietto has also been named as one of the top five junior precious metals companies active in Africa that should be watched in 2020, according to a report from African Mining Indaba and the MSA Group.

The precious metals sector is among four in the ‘20 Projects to Watch in 2020’ report prepared by Investing in African Mining Indaba in partnership with MSA Group with others being battery materials, bulk- and base-metals and energy.

The projects were divided into different categories that reflect traditional success factors, recognise novel applications of technology, highlight best practises with regards to community and environment and promote transformative projects that will have a strong, long-term impact on African mining.

Other companies in the top five junior precious metals companies to watch are Perseus Mining Limited (ASX:PRU) (TSE:PRU), Mako Gold Ltd (ASX:MKG), Hummingbird Resources Ltd (LON:HUM) and Caledonia Mining Corporation Plc (TSE:CAL).

Quick facts: Tietto Minerals Ltd

Price: 0.61 AUD

ASX:TIE
Market: ASX
Market Cap: $217.57 m
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