Resource exploration company Tsodilo Resources has achieved a significant milestone by successfully concluding a non-brokered private placement, raising gross proceeds totaling C$141,380.06. This strategic fundraising endeavor marks a substantial step forward for the company, positioning it to advance the promising Xaudum Iron Formation project located in Botswana.
The private placement garnered substantial support from investors, with a total of 706,903 units being issued. Each unit consists of one common share in Tsodilo Resources and one common share purchase warrant, all available at an attractive subscription price of C$0.20 per unit.
The infusion of capital from this placement is expected to play a pivotal role in furthering the development of the Xaudum Iron Formation project, which holds immense potential and is poised to become a cornerstone asset in Tsodilo Resources’ portfolio. Beyond project development, the funds raised will also be strategically allocated to fulfill the company’s general corporate requirements and enhance its working capital.
The Xaudum Iron Formation project represents a significant milestone in Tsodilo Resources’ journey, and the successful completion of this private placement underscores the company’s unwavering commitment to realizing its growth and development objectives. This strategic move reaffirms Tsodilo Resources’ dedication to harnessing the full potential of its resource exploration initiatives.
As Tsodilo Resources continues to make significant strides in its resource development endeavors, investors, stakeholders, and industry observers can look forward to witnessing the positive impact of the Xaudum Iron Formation project on the company’s overall growth trajectory.
This achievement reflects the company’s determination to secure the necessary resources and funding to propel its projects forward, contributing to its long-term success in the resource exploration sector.
Source: [Mining Weekly]
