True North Copper (AU:TNC) has released an update.
True North Copper Limited has successfully closed its retail entitlement offer, part of a $24.3 million capital raise that includes an institutional placement and a pro-rata entitlement offer, aimed at funding its Cloncurry Copper Project and strengthening its financial position. Despite a shortfall of $6.4 million in the retail offer, the amount is fully underwritten by Canaccord Genuity and Morgans Corporate. With the capital raised, the company looks to achieve steady state production and explore new opportunities in 2024.
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