True North Copper Limited (ASX:TNC) Completes Capital Raise
Completion of Capital Raise
True North Copper Limited (ASX:TNC) has successfully completed a conditional placement to raise $50.9 million, as approved by shareholders at the 2024 Annual General Meeting. The placement involved sophisticated investors and a $300,000 drill-for-equity arrangement with Mitchell Services Limited (ASX:MSV). Overall, the company has raised approximately $53.44 million before costs, including a share purchase plan for eligible shareholders.
New Leadership Appointment
Following the successful capital raise, True North Copper has announced the appointment of Paul Cronin as Non-Executive Chairman. His role will commence upon the readmission of the company’s shares to ASX. Details of Cronin’s remuneration were outlined in the Company’s Prospectus dated 4 December 2024.
Exit from Deed of Company Arrangement
The Company has also confirmed that the Deed of Company Arrangement (DOCA) has been effectuated, marking a significant milestone. This transition means the company has regained control, with the Board members including Bevan Jones (Managing Director) and Paul Frederiks (Director, CFO). The DOCA was initially entered into to assist with the company’s recapitalisation and debt restructuring.
The company will now work with ASX to meet the conditions necessary for the reinstatement of its shares.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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