TechGen Raises $2.57M at $0.018 per Share to Fund WA Copper-Gold Projects
TechGen Metals Limited has announced a fully underwritten $2.57 million rights issue to accelerate exploration and drilling at its Blue Devil and Mt Boggola copper-gold projects in Western Australia.
- Fully underwritten pro-rata rights issue to raise up to $2.57 million
- Funds to support heritage surveys and drilling at Blue Devil and Mt Boggola projects
- Strong board and management support including sub-underwriting by Managing Director
- High-grade surface assays and compelling geophysical targets identified
- Potential placement planned following rights issue completion
Capital Raising to Accelerate Exploration
TechGen Metals Limited has announced a fully underwritten pro-rata non-renounceable rights issue aimed at raising up to $2.57 million. The offer allows existing shareholders to acquire nine new shares for every ten held at a discounted price of $0.018 per share, accompanied by free attaching options. This capital injection is designed to fund critical exploration activities, including heritage surveys and drilling campaigns, at the company’s flagship Blue Devil and Mt Boggola copper-gold projects in Western Australia.
High-Quality Targets at Blue Devil and Mt Boggola
Both projects present compelling exploration opportunities supported by recent geophysical surveys and rock chip assays. At Blue Devil, airborne electromagnetic and magnetic surveys have identified three strong late-time conductors associated with an interpreted intrusive body. Historical rock chip samples have returned impressive grades, including up to 50.5% copper, 18.5 grams per tonne gold, and 84 grams per tonne silver.
Meanwhile, Mt Boggola has revealed two high-priority induced polarization chargeability anomalies, MB1 and MB2, within a corridor previously explored by major mining companies. These targets are supported by rock chip samples showing copper grades exceeding 1%, with peaks as high as 32.6% copper and 48.8 grams per tonne gold. Neither target has yet been drill tested, underscoring the potential for significant discoveries.
Strong Board Support and Strategic Partnerships
The rights issue is fully underwritten, with Managing Director Ashley Hood personally committing $223,000 through sub-underwriting. Other board members have also committed to participate, reflecting confidence in the company’s exploration strategy. Joint lead managers Cumulus Wealth and Anadara Asset Management have been appointed to oversee the capital raising, which includes management and underwriting fees as well as options incentives.
Upcoming Milestones and Future Plans
Heritage surveys at both projects are scheduled to commence in the third quarter of 2025, clearing the way for reverse circulation drilling planned for the fourth quarter. These activities aim to test the high-conviction geophysical targets and validate the promising surface assay results. Additionally, the company is considering a further placement after the rights issue to bolster working capital and support ongoing growth opportunities.
TechGen’s Managing Director expressed enthusiasm about the upcoming drilling campaigns, highlighting the combination of large-scale geophysical targets and high-grade surface mineralisation as a compelling basis for exploration success. The company’s focus remains on advancing these projects within highly prospective geological settings in Western Australia.
Bottom Line?
TechGen’s rights issue sets the stage for a pivotal exploration phase, with drilling results poised to define the company’s next growth chapter.
Questions in the middle?
- Will shareholder uptake meet the full $2.57 million target in the rights issue?
- How will the upcoming drill results at Blue Devil and Mt Boggola impact TechGen’s valuation?
- What are the prospects and timing for the proposed placement following the rights issue?
