AFR: Gold miner Tietto Minerals in $70m raise
Listed gold explorer Tietto Minerals is seeking $70 million in fresh funds for its West African Abujar gold project.
The offer was priced at 39¢ per share, a 12.4 per cent discount to the last close, according to the term sheet sent to potential investors.
The placement was split across two tranches, the first of which was sized at $47.6 million and included a director sell down of about 6 million shares.
The bulk of the funds raised would go towards the development of Titetto’s flagship project Abujar in Côte d’Ivoire.
Abujar has a project life of 11 years, a one-year payback period (post-tax) after production starts and a 95 per cent post-tax internal rate of return, the term sheet said.
It was targeting first gold production at 2022 end.
Tietto Minerals had Petra Capital working on the raise as the sole lead manager and the bookrunner.
Petra called for bids by 5pm Thursday from Australia and New Zealand investors, and by 6am (Sydney time) Friday for overseas investors.
Source: The Australian Financial Review