R/€ = 19.50 Change: -0.02
R/$ = 17.55 Change: -0.02
Au 1729.33 $/oz Change: 8.24
Pt 838.25 $/oz Change: 6.31
 
 
R/€ = 19.50 Change: -0.02
R/$ = 17.55 Change: -0.02
Au 1729.33 $/oz Change: 8.24
Pt 838.25 $/oz Change: 6.31
 
 
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Trident raises funds to execute opportunities

22nd May 2020 BY: Tasneem Bulbulia
Creamer Media Reporter

Diversified miner Trident Resources has successfully placed 80-million new ordinary shares, at a price of 20p an ordinary share, raising gross proceeds of about £16-million, or about $20-million.

The placing was led by Tamesis Partners, Ashanti Capital and Azure Capital and received strong support from both existing shareholders and new investors. 

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Directors and senior management of the company have subscribed for 2.83-million ordinary shares for aggregate proceeds of £567 000.

Aim-listed Metal Tiger has also conditionally subscribed for 2.85-million new ordinary shares in Trident.

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Moreover, Trident announced that it has entered into an exclusive mandate letter with Tribeca Global Resources Credit in relation to the arranging, underwriting and raising of an acquisition debt facility of up to about $10-million on credit terms to be agreed, with right of first refusal on debt proposals during the mandate period.

The company cited a May 22 announcement by Fe Limited (FEL), confirming that FEL shareholders had approved Trident’s acquisition of a 1.5% free on board royalty over part of the Koolyanobbing iron-ore operation in Western Australia.

The acquisition remains conditional upon the approval of the Australian Foreign Investment Review Board, which is expected to be received shortly.

As previously announced, the company is proposing to cancel the listing of its ordinary shares on the standard segment of the official list of the FCA and to request the LSE to cancel the admission to trading of the shares on the main market for listed securities of the LSE, and to seek admission to trading on the Aim market of the LSE.

"I am delighted and humbled by the support we received for the placing both from existing shareholders, as well as incoming investors. To have achieved such an outstanding result for a new offering in what is clearly a very challenging market bears testament to the strength of our strategy.

"With approximately $20-million of new equity capital, we are now very well placed to execute our plan of building a diversified portfolio of royalties and streams through both primary financing transactions and secondary market acquisitions.

"In addition, it unlocks our ability to offer both cash consideration, as well as equity to vendors keen to participate in the growth of the company and the value we expect to create along the way,” says Trident CE Adam Davidson.

He indicates that, following the company’s first acquisition of a royalty over Koolyanobbing, it has a strong pipeline of opportunities to execute on following admission to the Aim. 

EDITED BY: Chanel de Bruyn Creamer Media Senior Deputy Editor Online
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