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TG Metals (ASX:$TG6) secures $10 million placement for lithium exploration

TG Metals $10 million placement announcement


TG Metals Limited (ASX:$TG6) has successfully secured firm commitments for a placement to raise $10.0 million (before costs). The placement, supported by institutional, sophisticated, and professional investors, will result in the issue of approximately 13.33 million new fully paid ordinary shares at $0.75 per share. The funds raised will be utilized to advance exploration at the recent high-grade lithium (spodumene) discovery at the Lake Johnston Project, including ongoing drilling programs, soil sampling, and first drilling at Jaegermeister², expected in Q1 2024.

TG Metals Chairperson, Richard Bevan, on the $10 million placement


We are very pleased to have received such strong support for the Placement, which is a testament to the significance of our recent high-grade spodumene pegmatite discovery at the Burmeister Prospect, and our broader Lake Johnston Project. With a significantly strengthened balance sheet, we now look to progressing an expansive exploration campaign aimed at pursuing the considerable opportunities identified within the Project. I'd like to take this opportunity to thank our shareholders for their continued support and welcome our new shareholders in what is the most exciting time in the relatively short life of TG Metals.

TG Metals $10 million placement summary


TG Metals has successfully secured firm commitments for a $10 million placement, demonstrating strong support for the company's high-grade lithium exploration at the Lake Johnston Project. The funds raised will be used to advance exploration at the recent lithium discovery, including ongoing drilling programs, soil sampling, and first drilling at Jaegermeister², expected in Q1 2024. The placement will significantly strengthen the company's balance sheet, enabling an expansive exploration campaign to pursue the considerable opportunities identified within the Project. With the successful capital raising, TG Metals is well-positioned to progress its exploration activities and capitalize on the potential of the Lake Johnston Project.

Sourcehttps://announcements.asx.com.au/asxpdf/20231127/pdf/05xtndbzh85nq1.pdf

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