True North Copper Gains ASIC Relief for Recapitalization

True North Copper (AU:TNC) has released an update.

True North Copper Limited has been granted relief by the ASIC to use a transaction-specific prospectus for its planned recapitalization, despite being in administration. This move allows the company to raise between $50 million and $60 million through institutional placements and a share purchase plan. The initiative aims to stabilize the company and potentially restore its financial health.

For further insights into AU:TNC stock, check out TipRanks’ Stock Analysis page.