Titan Minerals Ltd (ASX:TTM) has closed the books on a A$5.5 million placement to support exploration and development across its gold and copper project portfolio in southern Ecuador.
The precious and base metals explorer will primarily apply funds to resource growth drilling at its Dynasty Gold Project, while remaining capital will fuel work across the Linderos and Copper Duke projects.
Titan’s Ecuadorian portfolio.
Titan tapped new and existing sophisticated investors to join the cap raise at 5 cents a pop, meaning it plans to issue 110 million new shares in the coming weeks.
Exactly 100 million of those shares will vest under Titan’s existing placement capacity, while the remaining 10 million — earmarked for director participation — require shareholder approval at a future general meeting.
The placement’s 5-cent issue price represents a 16.7% discount to Titan’s last closing price (6 cents per share), as well as an 18.3% discount to the explorer’s five-day volume-weighted average price (6.1 cents per share).
Canaccord Genuity (TSX:CF, LSE:CF) built the book as the placement’s lead manager, while boutique firm Foster Stockbroking also joined in as co-manager.
About Titan
Titan is committed to prospecting and developing large-scale copper-gold projects in southern Ecuador — a region it regards as an emerging tier-one mining jurisdiction.
The apple of its eye is the development-ready Dynasty Gold Project, home to an epithermal-style gold system with 3.1 million ounces of gold and 22 million ounces of silver in JORC-compliant resources.
The Dynasty resource base contains a significant high-grade component, estimated to host 2.09 million ounces of gold and 13.33 million ounces of silver, with 39% categorised as indicated material.
In addition, more than half of the mineral resource is within 100 metres from surface, with preliminary optimisation studies pointing to robust economics for both open pit and underground mining scenarios.
Titan continues to meet with potential strategic investors as it considers its future development pathways at Dynasty and the balance of its project portfolio.
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