PERTH (miningweekly.com) – Peru-focused explorer Titan Minerals has raised A$11-million through a share placement to fund the acquisition of the Mirador copper and gold plant, and to fund exploration and development at its Torrecillas and San Santiago gold projects.
The share placement, which was priced at 3c a share, was conducted in two tranches, with the first consisting of more than 233.3-million shares, and issued under the company’s existing placement capacity.
The second tranche placement of more than 133.3-million shares will be subject to shareholder approval at a general meeting scheduled for July 2.
The ASX-listed company told shareholders on Tuesday that the funds raised would be used to finalise the acquisition of the Mirador plant, in the hopes of completing the acquisition in July this year.
The plant is fully operational and has feedstock stockpiled and ready for processing, The sulphide flotation circuit has a current capacity of 150 t/d, while the carbon-in-pulp (CIP) gold circuit has a 50 t/d capacity to treat gold oxide ore.
The plant is currently undergoing Stage 1 expansion to double capacity of both the sulphide flotation and CIP circuits to 300 t/d and 100 t/d respectively.
The completion of the plant acquisition was expected to position Titan as a significant gold producer in Peru, Titan’s executive chairperson, Matthew Carr said.
Carr said that the capital raising paved the way for Titan to fast-track exploration of its copper and gold tenements, as well as fund the capital requirements for the Mirador plant, and the Andina Vista plant.
“We have complete confidence in the potential of both the Vista and Mirador plants and will take a measured approach to the exploration and development of the Torrecillas gold project,” he added.