New Talisman Gold Mines Successfully Concludes Rights Issue
NTL (NTL) Share Update July 2024 Monday 29th
New Talisman Gold Mines Completes Successful Rights Issue
New Talisman Gold Mines Limited (NZX: NTL, ASX: NTL) has announced the successful completion of its recent rights issue, raising $1.805 million NZD to support its strategic initiatives.
Instant Summary:
- NTL raises $1.805 million NZD through rights issue.
- 85,104,270 rights taken up and oversubscription of 15,036,921.
- Participation from eligible Directors and top 20 shareholders.
- Funds to be used for final inspection of processing plant and bulk sampling at Talisman mine.
- New shares to be issued on 2 August 2024.
Successful Rights Issue
New Talisman Gold Mines Limited (NTL) has successfully concluded its recent rights issue, raising $1.805 million NZD. The rights issue saw 85,104,270 rights taken up, with an additional oversubscription of 15,036,921. This includes participation from eligible Directors and many of the company's top 20 shareholders.
The new shares are set to be issued on 2 August 2024. 'We are grateful to our Shareholders for their strong support for our capital raise, especially given the constraints upon the company’s largest holder due to his percentage of holding,' said Samantha Sharif, Chair of NTL.
Strategic Plan Advancement
With the funds raised, NTL is now in a position to move forward with its strategic plan. This includes conducting a final in-person inspection of the processing plant ahead of a decision to complete the purchase, finalizing the processing site, and commencing bulk sampling on the Mystery Vein at Talisman. This marks the first meaningful production from the mine in decades.
NTL will also allow applications for shortfall on the same terms as the original rights issue offer and has already received firm interest in shortfall. Enquiries can be made to [email protected] or phone +64 21 240 2988.
Future Plans
The Board intends to ask for shareholder approval at the company ASM in September for Director participation in the Oversubscription/Shortfall to the amount of at least $150,000 NZD as required by ASX listing rules. If you have any queries regarding any of the above, please contact: John Upperton at [email protected] or phone +64 9 303 1983.
The successful rights issue and the subsequent strategic advancements are likely to positively impact NTL's stock. The raised funds will enable the company to progress with its plans, which could lead to increased production and revenue. This positive development may boost investor confidence and attract new investments.
Investor Reaction:
Investors and analysts have reacted positively to the news, with many expressing optimism about the company's future prospects. The successful capital raise and the planned strategic initiatives are seen as strong indicators of NTL's potential for growth.
Conclusion:
New Talisman Gold Mines' successful rights issue marks a significant step forward for the company. Investors should keep an eye on the upcoming developments and consider the potential long-term benefits of NTL's strategic plans. The company's ability to advance its projects could lead to increased production and revenue, making it an attractive investment opportunity.