Tasman Resources Raises $2M, Launches High-Impact Drilling and Board Shake-Up
Tasman Resources has raised $2 million through a two-tranche placement to fund a promising drilling campaign at Parkinson Dam and broaden its project portfolio, alongside appointing a new director to steer its strategic ambitions.
- Two-tranche $2 million placement at $0.0125 per share with free attaching options
- Funds earmarked for high-impact drilling at Parkinson Dam targeting gold, silver, copper, and base metals
- New non-executive director Louis Varrasso to join board post-AGM, replacing Guy Le Page
- Loan support of up to $500,000 planned for Eden Innovations to sustain growth momentum
- Strategic focus expanding to new exploration opportunities in Australia and the USA
Capital Raise to Accelerate Exploration
Tasman Resources Ltd (ASX – TAS) has announced a $2 million capital raise through a two-tranche placement aimed at advancing its exploration efforts and strategic growth. The placement, priced at $0.0125 per share, a 23% discount to recent trading, includes free attaching options exercisable at $0.02, underscoring investor confidence in the company’s prospects.
The funds will primarily support a high-impact drilling program at the Parkinson Dam project, where previous drilling has revealed encouraging mineralisation including gold, silver, lead, zinc, and copper. Notably, historic intersections have included up to 3.4 grams per tonne gold and 45 grams per tonne silver over 3 metres, alongside significant base metal zones. The upcoming drilling campaign aims to test up to five high-priority targets, potentially unlocking further value.
Strategic Board Changes and Portfolio Diversification
In tandem with the capital raise, Tasman is refreshing its board with the appointment of Louis Varrasso, a seasoned corporate finance professional with extensive resource sector experience, including seven years at Newmont Corporation. His expertise in capital markets and transaction execution is expected to bolster Tasman’s strategic initiatives. This appointment coincides with the planned resignation of long-serving director Guy Le Page, who has been instrumental in the company’s exploration efforts.
The company is also broadening its strategic focus beyond Parkinson Dam, actively evaluating new project opportunities in Australia and the United States. This diversification aims to enhance shareholder value by balancing exploration risk and capitalising on emerging prospects in critical and precious metals.
Supporting Key Investments and Working Capital
Part of the raised funds will provide loan support of up to $500,000 to Eden Innovations Ltd, in which Tasman holds a significant 19% stake. This financial backing is designed to sustain Eden’s sales and commercialisation momentum until it can complete its own capital raising. Additionally, working capital will be allocated to ongoing operational needs and the costs associated with the placement.
The placement is structured in two tranches, with the first tranche of 68 million shares expected to be issued imminently under existing placement capacity, and the second tranche subject to shareholder approval at the upcoming annual general meeting. The company plans to seek quotation of the free attaching options, potentially providing further liquidity and value to investors.
Overall, Tasman Resources is positioning itself for a pivotal phase of exploration and corporate development, leveraging fresh capital, board expertise, and a sharpened strategic focus to unlock value in its existing assets and new ventures.
Bottom Line?
Tasman’s $2 million raise and board refresh set the stage for a critical exploration push and portfolio expansion.
Questions in the middle?
- Will the upcoming drilling at Parkinson Dam confirm and extend the promising historic mineralisation?
- How will the market respond to the dilution from the placement and the exercise price of the options?
- What new project opportunities will Tasman prioritise in Australia and the USA following its strategic review?
