Overview of Titanium Sands Limited's capital raising announcement

Titanium Sands Limited (ASX: $TSL) has announced a capital raising of up to $2,100,000 through a placement to sophisticated and professional investors. The company has already secured firm commitments to raise $1,500,000 and is in the process of finalizing potential further commitments of up to $600,000. The funds raised will primarily be utilized for advancing the environmental and stage 2 & 3 EIA processes for the Mannar Heavy Mineral Project and for general working capital requirements.

Executive commentary on the capital raising and future plans

The scoping study released in May 2023 identified a significant project with Stage One NPV of $545m. We are pleased to have received firm commitments from sophisticated and professional investors, which will enable us to further the environmental and stage 2 & 3 EIA processes for the Mannar Heavy Mineral Project. Additionally, the funds will support our general working capital requirements. We are committed to providing updates to shareholders as the EIA Study progresses to completion and as we advance our mining license application at the Mannar Island Heavy Mineral Project.

Summary of Titanium Sands Limited's capital raising and future outlook

Titanium Sands Limited (ASX: $TSL) has successfully secured firm commitments from sophisticated and professional investors to raise up to $2,100,000 through a placement. The funds raised will be primarily allocated to further the environmental and stage 2 & 3 EIA processes for the Mannar Heavy Mineral Project, as well as to meet general working capital requirements. The company aims to continue the environmental approval process in Sri Lanka, address local community issues and concerns, and work closely with regulatory authorities and consultants. Additionally, discussions with offtake and strategic partners are expected to develop further as the mining license process progresses. Titanium Sands Limited remains focused on advancing its projects and providing updates to shareholders as significant milestones are achieved.