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Tartana Minerals completes placement raising $2.3M
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Tartana Minerals completes placement raising $2.3M

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  • Tartana Minerals issued 43,460,678 new shares to Xingye Gold (Hong Kong) Mining to secure a 9.99% stake.
  • The company share price moved to $0.022 following the placement completion announcement.
  • Both entities stated they intend to terminate the remaining obligations of the placement agreement and forgo a second tranche.

Tartana Minerals (ASX:TAT) completed a placement agreement with Xingye Gold (Hong Kong) Mining, issuing 43,460,678 shares to raise $2.3 million.

The completed transaction follows an earlier July announcement detailing a broader two-tranche investment proposal that valued shares at $0.053 each.

"This cornerstone investment by Xingye is a strong endorsement of the quality of Tartana's exploration portfolio," said Tartana Minerals Executive Chairman Sonny Didugu.

Under the revised agreement, both parties confirmed that the second investment tranche will not proceed, meaning Xingye will not acquire board nomination rights or asset control.

Following the announcement, the Tartana Minerals share price was up at $0.022.

The company operates as a copper producer and explorer located within the Chillagoe region of Far North Queensland.

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