Perth, Australia, July 7, 2020 - (ABN Newswire) - On behalf of Torian's (ASX:TNR.AX - News) Directors, I am pleased to offer Eligible Shareholders the opportunity to participate in a partially underwritten 1:4 renounceable entitlement offer of New Shares in the Company at an Offer Price of A$0.016 per New Share together with 1 attaching New Option for every 2 New Shares subscribed for, to raise up to approximately $2.2 million before issue costs.
Mahe Capital have agreed to partially underwrite the Entitlement Offer for an amount of $1 million. The funds raised will enable the company to proceed to undertake a 12,000- 15,000M RC & Diamond drill programme including assaying and additional mapping, sampling and geophysics of the Stirling Gold Camp as it progresses through its systematic exploration approach. In addition, the company will commence its maiden mapping & sampling program of additional targets at the Mt Monger project.
As announced on 2 July 2020, Nova Minerals Limited (ASX:NVA.AX - News) (OTCMKTS:NVAAF) elected for an early conversion of their Convertible Notes and accrued interest into 94,605,500 Shares so that they can participate in the Entitlement Offer as a major shareholder.
Since coming on board at the end of March this year, Nova have been exceptionally supportive of Torian. In addition to the excellent technical expertise that they have provided, we have consistently utilised synergies across the two companies that has enabled us to bring various costs down as a result.
We look forward to working very closely with the team at Nova in the months and years ahead.
TORIAN RESOURCES LIMITED
To view the prospectus, please visit:
About Torian Resources Limited:
Torian Resources Ltd (ASX:TNR.AX - News) is a gold exploration and development company with an extensive and strategic land holding comprising eight projects and over 400km2 of tenure in the Goldfields Region of Western Australia.
Torian's flagship project, Zuleika, is located along the world-class Zuleika Shear. The Zuleika Shear is the fourth largest gold producing region in Australia and consistently produces some of the country's highest grade and lowest cost gold mines. Torian's Zuleika project lies north and partly along strike of several major gold deposits including Northern Star's (ASX:NST.AX - News) 7.0Moz East Kundana Joint Venture and Evolutions (ASX:EVN.AX - News) 1.8Moz Frogs Legs and White Foil deposits.
Torian's other projects include the strategically located Mt Stirling and Malcolm Projects in the Leonora region (near Red 5's King of the Hills Project), where it recently completed updated Mineral Resource Estimates and preliminary scoping studies, and a suite of other projects in the Kalgoorlie region including Credo Well JV Zuleika JV, Bonnie Vale, Gibraltar and Mount Monger/Wombola.
Torian Resources Limited
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