Torque Metals (ASX:TOR) has secured $3.1 million through a share placement from sophisticated and professional investors, aiming to drive the next phase of its Paris Gold Project in Western Australia's Gold Fields.
The financial boost comes on the heels of a recently announced high-grade gold mineral resource estimate, positioning Paris as one of the highest-grade undeveloped gold projects in the area.
The funds will primarily support expanded exploration and drilling activities at Paris, as well as testing other high-priority targets within the broader project area.
Torque Metals' Managing Director, Cristian Moreno, stated, "I am delighted to announce the successful completion of a strongly supported share placement, securing $3.1 million from sophisticated and professional investors."
"These funds will be primarily directed towards accelerating exploration at the Company's flagship Paris Gold Project," Moreno added.
The placement will see the issuance of 38.75 million shares at 8 cents per share, along with one unlisted option for every two new shares issued.
Placement options are exercisable at 12 cents each and set to expire six months from the issuance date.
Torque Metals is a smart exploration company focused on applying advanced geoscience and artificial intelligence-powered smart exploration to unlock mineral deposits. Its projects include the Paris Gold Project, New Dawn Lithium Project and Penzance Nickel Project.
At the time of reporting, Torque Metals’ share price was $0.010.