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Theta Gold Mines raises $930,000 to advance South African gold starter project

The company recently released the Theta Open Pit Starter Project optimised study and is progressing towards financing the project.

Theta Gold Mines Ltd - Theta Gold Mines successful share placement raises $930,000
The funds raised will advance the company’s gold project in South Africa

Theta Gold Mines Ltd (ASX:TGM) has raised A$930,000 in a share placement with funds to advance the Theta Open Pit Starter Project in South Africa.

The company has received applications for the placement of 4.65 million fully paid ordinary shares at 20 cents per share.

For every two shares subscribed, the applicants will also be issued one listed option exercisable at 30 cents per share on or before October 31, 2020, and one unlisted option exercisable at 40 cents per share on or before April 27, 2022.

The placement will be made under the company’s placement capacity pursuant to ASX Listing Rule 7.1.

Theta Open Pit Starter Project

TGM will use the funds for the Theta Open Pit Starter Project, including exploration activities and general working capital.

An optimised study was recently released for this project, with the annual production rate increasing to 600,000 tonnes - a 20% increase compared to the 2019 feasibility study.

Theta Gold Mines expects an annual production rate of 49,500 ounces for five years and a target of 260,000 ounces over the 6.5-year life of the mine.

Financing discussions

TGM has initiated formal discussions with debt financiers on the required project finance.

The operation has a peak funding requirement of $27 million.

Quick facts: Theta Gold Mines Ltd

Price: 0.31 AUD

ASX:TGM
Market: ASX
Market Cap: $136.91 m
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