Tambourah Metals Ltd announces successful capital raise

Tambourah Metals Ltd (ASX: $TMB) has secured binding commitments for a placement of up to A$300,000 and an additional $75,000 from the board and management to advance drilling across Tambourah gold and Cheela projects. The company is set to issue up to 10.7 million fully paid ordinary shares at an issue price of A$0.035 per share to new and existing institutional and sophisticated investors. Additionally, it proposes to raise approximately A$0.65 million via a 1-for-5 pro-rata non-renounceable entitlements offer issue to eligible shareholders at the same issue price per share.

Executive Commentary on Capital Raise

The successful capital raise will enable Tambourah Metals to accelerate its drilling activities across our gold and lithium projects, as well as explore other potential projects. We are pleased with the support received from our institutional and sophisticated investors, and we believe this funding will significantly contribute to the advancement of our corporate objectives.

Summary of Tambourah Metals' Capital Raise

Tambourah Metals Ltd (ASX: $TMB) has successfully raised $1.0 million through a placement and entitlements offer. The funds will primarily be used for drilling at the company's projects, exploration at other potential projects, and for general working capital. The company also plans to issue attaching options with the new shares, subject to shareholder approval. The capital raise is expected to strengthen the company's financial position and support its exploration and development activities. With the additional funds, Tambourah Metals aims to advance its gold and lithium projects and pursue its corporate strategy for future growth and expansion.