- Tanzanian Gold (TNX) has announced a C$7M registered direct offering with an institutional investor
- The company will use the proceeds for exploration drilling, to expand its processing plant and to advance a metallurgical study covering 90 per cent of its flagship project’s resources
- The offering will close on or about January 26, 2022
- Tanzanian Gold is advancing a significant gold project at Buckreef in Tanzania
- Tanzanian Gold (TNX) closed down by 10.78 per cent trading at $0.455 per share
Tanzanian Gold (TNX) has announced a C$7M registered direct offering with an institutional investor.
It will sell 17,948,718 common shares priced at $0.39 per share.
It will also sell warrants exercisable to purchase the same number of common shares priced at $0.44 for five years.
The company will use the proceeds for general corporate purposes, as well as:
- The continued buildout of its 1,000+ tpd processing plant expansion, which it expects to finalize by Q2/Q3 2022 and forecasts to produce 15,000-20,000 ounces of gold per year
- Exploration drilling at the Buckreef Main Zone northeast extension, Buckreef West Zone and the Anfield Zone
- Advancing the metallurgical study for the first 5-7 years of production, one of the longest lead items of its Sulphide Development Project, which contains ~90 per cent of the Buckreef Gold mineral resource
Alliance Global Partners is acting as the exclusive placement agent for the offering.
The offering will close on or about January 26, 2022.
Tanzanian Gold is advancing a significant gold project at Buckreef in Tanzania.
Tanzanian Gold (TNX) closed down by 10.78 per cent trading at $0.455 per share.
