Trigg Mining undertaking renounceable rights issue to raise up to AUS$2.3 million

Highlights

• 7-for-2 renounceable rights issue to raise up to AUS$2.3 million.
• Attractively priced at AUS$0.14 per share.
• Discount of 22% to the 30-day VWAP of AUS$0.18 and 46% to the 10-day VWAP of AUS$0.22.
• For every two new shares issued, eligible shareholders receive one free attaching new option.
• New options to have exercise price of AUS$0.25, expiry on 31 October 2022 and be quoted.
  
• Shareholders can trade their rights and apply for additional shares and options.
• Rights to commence trading from 23 September 2020.
• All Directors intend to participate.
• Funds to be used to advance the company’s Lake Throssell and Lake Rason Projects in Western Australia (WA), including drilling to delineate a maiden mineral resource estimate.

Trigg Mining Ltd has announced that it is undertaking a renounceable rights issue to raise up to AUS$2.3 million (before costs) (rights issue) to underpin the next key stage of evaluation and development of its two Sulfate of Potash (SOP) projects located in the Laverton region of WA.

The rights issue is being offered on the basis of two new shares for every seven shares held (rights issue) at AUS$0.14 per share together with one free attaching options exercisable at AUS$0.25, with an expiry date of 31 October 2022 (new options). The company will apply for the new options to be quoted on ASX.

Mahe Capital Pty Ltd has been appointed as Lead Manager and Underwriter, having agreed to partially underwrite the Rights Issue to AUS$1 million. All of the company’s Directors intend to participate in the rights issue.

The funds raised will be used for the upcoming maiden air-core drill-ing programme at the high-grade Lake Throssell discovery.

The results of the air-core drilling programme are expected to provide sufficient information to determine a maiden mineral resource estimate for the project. This will be the company’s second defined mineral re-source estimate since listing in October 2019 and is expected to form the basis for a new sustainable SOP production hub centred on Lake Throssell.

On the completion of the drilling programme, the company intends to begin evaluation studies including a benchtop evaporation trial to assist in determining the process flow sheet for Lake Throssell and commence baseline environmental studies to prepare for the project approvals pro-cess.

Trigg Mining’s Managing Director, Keren Paterson, said: “We are pleased to give shareholders the opportunity to participate in the company’s continued growth and success through this issue, providing them with an opportunity to maintain or increase their investment in Trigg on the eve of a potential maiden mineral resource estimate for our flagship asset at Lake Throssell.

“The funds raised will be used to continue to advance the high-grade Lake Throssell Project, establish the company’s second mineral resource estimate since listing in October last year, and progress towards economic studies for what we believe has the potential to be a significant new long-term SOP production hub in WA – providing the foundations for a sustainable, long-term business that is highly geared to one of the world’s fastest growing markets.”

Read the article online at: https://www.worldfertilizer.com/project-news/17092020/trigg-mining-undertaking-renounceable-rights-issue-to-raise-up-to-aus23-million/