Proceeds slated to execute development of the Phillips River Project
By Devika Patel
Knoxville, Tenn., Dec. 29 - Tectonic Resources NL said it settled a private placement of stock. The company raised A$2.34 million on Dec. 24.
The company sold 38,923,235 shares at A$0.06 per share, a 14.29% discount to A$0.07, the closing share price on Dec. 23.
Investors also received one option for every two shares, which are each exercisable at A$0.075 for three years. The strike price is a 7.14% premium to the Dec. 23 share price.
"The success in securing the placement expeditiously allows the company the capacity to execute the next phase of the development of the Phillips River Project whilst maintaining exploration activities on the numerous high order targets established over the preceding 12 months," Tectonic chairman Hamish Bohannan said in a press release.
Burswood, Australia's Tectonic Resources is a gold, silver and base metals explorer.
| Issuer: | Tectonic Resources NL
|
| Issue: | Shares
|
| Amount: | A$2,335,394
|
| Shares: | 38,923,235
|
| Price: | A$0.06
|
| Options: | One option for every two shares
|
| Option expiration: | Three years
|
| Option strike price: | A$0.075
|
| Settlement date: | Dec. 24
|
| Stock symbol: | Australia: TTR
|
| Stock price: | A$0.07 at close Dec. 24
|
| Market capitalization: | A$27.64 million
|
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