AFR: Tulla Resources in $20m placement for Norseman

ASX-listed gold play Tulla Resources has followed its joint venture partner Pantoro to capital markets, seeking $20 million in a placement via Petra Capital.

The company’s broker was seeking investors for new securities at 38¢ each on Monday, which was a 15.6 per cent discount to the last close.

Proceeds would be used to fund the Company’s portion of Norseman ramp-up support and working capital, according to terms sent to potential investors.

Norseman is a gold project in WA, owned by Tulla Resources and Pantoro.

Petra Capital was calling for bids by close of business on Monday.

The deal would see the company’s biggest shareholder, Tulla Resources Group, diluted from 65.6 per cent of the register to 54.9 per cent, the term sheet said.

The company’s ASX-listed CDIs were halted from trading on Monday.

Source: The Australian Financial Review