True North Copper (AU:TNC) has released an update.
True North Copper Limited has launched a fully underwritten equity raising of $24.3 million to fund their Cloncurry Copper Project to steady state production, strengthen the company’s financial position, and finance further exploration. The raise includes a placement and a 1-for-2 pro rata entitlement offer at a significant discount, with major shareholders and debt providers showing strong support. The funds will also enable exploration at the Mt Oxide Project, with operations expected to commence in the second half of 2024 when copper prices are high.
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