True North Copper

Canaccord Genuity acted as Joint Underwriter, Joint Lead Manager and Joint Bookrunner to a A$50m equity raising for True North Copper (ASX:TNC)

Canaccord Genuity has helped recapitalise True North Copper (ASX:TNC) via a fully underwritten A$50 million equity raising.

Proceeds from the offer will be used to extinguish all outstanding debt and fund a revised business strategy to pause mining operations and undertake an extensive exploration and resource definition drilling campaign across the Company’s Cloncurry Project and Mt Oxide Project.

The Cloncurry Project comprises a number of highly prospective copper assets with a global resource of +321kt Cu @ 1.16%, supported by extensive infrastructure with an estimated +$45m replacement value.

Mt Oxide is a high-grade advanced exploration asset with limited exploration beyond its Vero deposit, which has a resource of 220kt Cu @ 1.46%. Previous intersections at Vero have included 66.5m @ 4.95% Cu and 26.2m @ 4.45% Cu.

CG acted as Joint Underwriter, Joint Lead Manager and Joint Bookrunner to the equity raising.