Torian Resources Limited (ASX: TNR) New issue of option rights for shareholders
Perth, September 29, 2021 AEST (ABN Newswire) – Torian Resources Limited (ASX: TNR) is pleased to announce a new capital increase for shareholders who own Torian shares as of October 20, 2021 (date of registration). Eligible shareholders will be entitled to subscribe to 2 new options for each tranche of 5 shares held on the record date at the subscription price of $ 0.001 per option.
The last day to buy shares on the market to be eligible for the Capital Increase is October 18, 2021 (Refer to the schedule below *). The Company intends to ask ASX to list the new options.
TNRO option holders are encouraged to convert their options to participate in the issuance of rights to the new options. With a valuation of Black Scholes of $ 0.0138 per new option, this would reduce the effective conversion price from 2c per share to $ 0.0155 per share.
The funds raised through the issuance of rights to the new options and the potential conversion of the TNRO options will allow Torian to be fully funded during the next 18 months of drilling at Mt Stirling.
Torian Executive Director Mr. Peretz Schapiro said: “We are embarking on this new option rights issue to reward our loyal shareholders who have stayed with us and have continued to support us over the past 18 years. month. We are very fortunate to have such a committed group of loyal shareholders, and we look forward to continuing our journey together as we seek to build wealth and add shareholder value over the months and years. future.
In addition, we also encourage our existing option holders who intend to convert their options to do so now, as the capital increase reduces the effective cost of conversion by approximately 10%.
We have 12-18 very exciting months to come to Torian. Our drilling program is moving forward at full speed as we seek to increase the size of our Mt Stirling resource, as well as explore our new high priority targets at Hydra and Tyrannus. We are especially excited about the possibility of linking all of these systems together, as we potentially discover an important system. We anticipate multiple resource estimate updates during this period as we continue to seek to strengthen our company’s fundamentals.
Additionally, the Tarmoola station is doing well with new upgrades being installed to increase additional revenue capacity, in addition to keeping our cost per ounce discovered low.
Finally, our investment in BullionFX continues to strengthen our balance sheet, and we look forward to what the future holds for this exciting new business.
* To consult the schedules, go to:
About Torian Resources Limited
Torian Resources Ltd (ASX: TNR) is a gold exploration and development company with extensive strategic land ownership comprising eight projects and over 400 km2 of tenure in the Goldfields region of Western Australia.
Torian’s flagship project, Zuleika, is located along the world-class Zuleika Shear. The Zuleika Shear is the fourth largest gold producing region in Australia and regularly produces some of the richest and cheapest gold mines in the country. Torian’s Zuleika project lies north and partly along the direction of several major gold deposits including the Northern Star (ASX: NST) 7.0Moz East Kundana Joint Venture and Evolutions (ASX: EVN) 1.8Moz Frogs deposits Legs and White Foil.
Torian’s other projects include the strategically located Mt Stirling and Malcolm projects in the Leonora region (near Red 5’s King of the Hills project), where he recently completed updated mineral resource estimates and scoping studies. preliminary, and a series of other projects in the Kalgoorlie region including Credo Well JV Zuleika JV, Bonnie Vale, Gibraltar and Mount Monger / Wombola.
Torian Resources Limited