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Rights Issue Closed Oversubscribed

Rights Issue Closed Oversubscribed

  • Renounceable rights issue seeking to raise $2.7 million closes oversubscribed
  • Significant support from shareholders and new institutional and professional investors
  • TSC now well funded to advance its prospective suite of exploration assets

Twenty Seven Co. Limited (ASX: TSC) (“TSC” or “the Company”) is pleased to announce that the renounceable rights issue announced on 12 April 2021 has closed significantly oversubscribed and raised approximately $2.7 million (before costs).  The Company will issue a total of 532,137,912 new fully paid ordinary shares (Shares) and 266,068,956 new options exercisable at $0.009, with an expiry date of 31 October 2023 (Options) to investors who applied.  The Options will be quoted under the ASX code TSCOA.

Mahe Capital Pty Ltd (ACN 634 087 84) (“Mahe Capital”) acted as Lead Manager and Underwriter to the Rights Issue and advised TSC on the Rights Issue.

Proceeds from the rights issue will be used as follows:

  • assess exploration and mining opportunities at its Mt Dimer Mining Lease after a recent successful exploration campaign;
  • progress further exploration on the Mt Dimer Exploration Lease, adjacent to its Mt Dimer Mining Lease (currently underway);
  • mobilise a crew to commence geochemical soil testing programs on its 220km2, underexplored Marda Greenstone ground at Yarbu;
  • fast-track the next program of work on the Rover Project, including follow-up work on the project’s best soil results to date at Blue Hills, Four Corners and Middle Well;
  • progress opportunities to maximise value from its highly prospective NSW IOCG projects; and
  • general working capital and to cover costs associated with the offers.

 

The final results from the rights issue are set out below:

Funds raised Shares TSCOA Options*
Rights taken up $877,658 175,531,500 87,765,750
Shortfall placed $1,783,032 356,606,412 178,303,206
Total $2,660,690 532,137,912 266,068,956

*The number of new Shares and TSCOA Options issued is subject to rounding. A further 26,606,900 TSCOA options will be issued to the underwriter as described in the Prospectus.

The new securities are expected to be issued on 12 May 2021, in accordance with the timetable in the prospectus.

TSC’s Chief Executive Officer, Simon Phillips: “We would like to thank our shareholders for the support they have shown during this Rights Issue, demonstrating their continued commitment to the Company and enthusiasm for our future as we embark on this exiting next stage for TSC.”

 

>>> Download the full ASX relsease

 

 

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