Gold and copper explorer Torrens Mining Limited (ASX: TRN) (Torrens or the Company) is pleased to announce it has commenced trading on the Australian Securities Exchange (ASX) today, after closing its Initial Public Offer to raise $10 million before costs. The IPO was oversubscribed and closed on 4 December 2020, with the Company having targeted between $7 million and $10 million through its prospectus.
Torrens joins the Australian Securities Exchange after closing its $10 million Initial Public Offering.
IPO was completed through the issue of 50 million shares at an issue price of 20c each.
Funds will be used to rapidly advance exploration activities across the Company’s portfolio of highly prospective gold and copper exploration projects in Victoria, South Australia and Papua New Guinea.
Standout gold portfolio including a 1609km2 tenement package in Central Victoria.
Strong exploration program planned over the next two years with over $5 million budgeted for exploration in Victoria alone.
Taylor Collison acted as lead manager to the IPO. The Company has issued 50 million shares at 20 cents each, with the proceeds to be used to further advance its exploration initiatives in Victoria, South Australia and Papua New Guinea (PNG).
Torrens’ asset portfolio includes the Mt Piper Gold Project in Central Victoria, located just 30km south-east of the Fosterville Gold mine (the world’s most profitable underground gold mine), the Club Terrace Gold Project in Eastern Victoria, the Elizabeth Creek Copper-Cobalt Project in South Australia where a drilling campaign is currently underway, funded and managed by farm-in partner Coda Minerals Limited (ASX: COD) (Coda), and the Laloki Copper-Gold Project in PNG.
With exploration in South Australia managed by Coda, Torrens’ focus will primarily be on its Central and Eastern Victorian assets, where previous exploration has defined a number of gold prospects for follow-up and provides an immediate priority for the Company following completion of the IPO.
Torrens Chairman Bill Bloking said: “The strong investor interest in Torrens’ IPO and its associated exploration portfolio represents a strong endorsement of our assets and management team and the strength of our core strategy – which is to discover and develop gold and copper deposits in Australia and PNG.”
Torrens Managing Director Steve Shedden said: “It is a landmark milestone for Torrens to have made its debut on the ASX today and it comes on the back of a lot of hard work and dedication by all stakeholders involved.
“On behalf of the Board and Management, I’d like to extend special thanks to Taylor Collison – our lead Manager for the IPO, HWL Ebsworth – our primary legal advisors, and Mining Corporate – our lead accounting group and Company Secretariat, for their outstanding effort over the past several months.
“We’re extremely pleased to have reached this next chapter in Torrens’ story. We thank our shareholders for their strong support and endorsement in Torrens through the IPO process, and we look forward to implementing our exploration plans as soon as possible in 2021.”
A webinar will be hosted by the Company on Tuesday, January 12, at 12pm AEST. To register for the call, please click here.