AFR: Tietto Minerals readies $100m placement

Listed gold explorer Tietto Minerals was asking fund managers for $100 million on Friday at 50¢ a share.

The offer was expected to be at 14.5 per cent discount to Tietto’s last close. It was structured as a two-tranche placement and had room for oversubscriptions.

The raise opened on Friday morning and would close later the same day.

Titetto’s flagship project is Abujar in Côte d’Ivoire. It’s previously told the market Abujar would have an 11-year project life, a one-year payback period (post-tax) after production starts, which is expected later this year, and a 95 per cent post-tax internal rate of return.

Petra Capital was working on the raise as the sole lead manager and the bookrunner.

Tietto last raised $70 million at 39¢ per share in mid-November.

Source: The Australian Financial Review