Terra Metals secures investments to fund the Dante project in Australia
Terra Metals issued 114.2 million new common shares with a $4 million ($2.6 million) financial commitment from strategic investors at $0.035 each.
This proceeds will support the research and development of the fully owned Dante Copper-Gold-Platinum Group Metal Project (WA) in Western Australia (WA).
Strategic investors include Golden Energy and Resources (GEAR), an Asia-Pacific Resources Company, and Matthew Latimore, a notable figure in the Australian resource sector.
Gear is operated through a variety of coal and gold mining subsidiaries, including Stanmore Resources and Illawarra coal ownership.
“We’re committed to providing a range of services to our customers,” said Mark Zhou, executive director and chief investment officer at Gear. “The Dante Project is clearly a standout district-scale opportunity for important mineral resources that are important worldwide. Gear is pleased to acquire Terrametal shares on this exploration journey and partner and support Terrametal.”
Latimore, founder and president of M Resources, holds stakes in several resource companies.
Lattimore said: “This investment is consistent with Group M’s long-term growth strategy in minerals essential to the energy transition and future economy, and will also complement the graphite assets held through existing Queensland-based vanadium and M’s critical minerals.”
Tribeca Investment Partners, the largest shareholder of Terra Metals, has also committed to maintaining a 15% stake under placement, subject to shareholder approval.
Revenues from placement are used for drilling activities and general corporate purposes.
The placement will be completed in two tranches, with the second general meeting being approved by shareholders at the next general meeting.
Terra Metals has already conducted more than 17,000m of drilling, revealing a wide range of potential lateral, lateral, leaf-style systems over hundreds of kilometers.
The independent South African resource consultancy is scheduled to visit the site in mid-June.
January 2025, Terra Metals We have announced the options to get HRM Exploration holds four exploration licenses covering 618km² adjacent to the DANTE project.
“Terra Metals Secures Investment to Fund Australia’s Dante Project” was originally created and published Mining Technologya brand owned by GlobalData.
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