True North Copper (ASX: $TNC) Retail Entitlement Offer Results

True North Copper Limited (ASX: $TNC) successfully completed the retail component of the fully underwritten accelerated non-renounceable pro-rata entitlement offer, raising approximately $16.7 million before costs. The retail component closed on 12 June 2024, with approximately $1.3 million in successful applications received. The total unallocated shortfall remaining from the entitlement offer is approximately $6.4 million, fully underwritten by Canaccord Genuity (Australia) Limited and Morgans Corporate Limited.

Executive Commentary on Retail Entitlement Offer

The successful completion of the retail entitlement offer demonstrates the strong support from our retail investors. We are pleased with the outcome and look forward to utilizing the raised funds to progress our Cloncurry Copper Project and Mt Oxide Project, as outlined in our capital raising overview. We appreciate the commitment from our underwriters and sub-underwriters, which further strengthens our financial position and supports our exploration and growth initiatives for 2024.

Summary of True North Copper's Retail Entitlement Offer

True North Copper Limited (ASX: $TNC) has successfully completed the retail entitlement offer, raising approximately $16.7 million to fund the Cloncurry Copper Project and Mt Oxide Project. The underwritten shortfall of $6.4 million will be allocated and subscribed for pursuant to the underwriting agreement. The issued shares are expected to commence normal trading on 20 June 2024. The capital raised will support the company through to steady state production at the Cloncurry Copper Project, strengthen its financial position, and fund exploration activities for resource and reserve growth at Cloncurry and new discoveries at the Mt Oxide Project in 2024. True North Copper expresses gratitude for the support from its underwriters, sub-underwriters, and retail investors, and looks forward to the upcoming milestones in its corporate strategy.