Funds Raised to Support Mine Study and Development
Funds Raised to Support Mine Study and Development
Sydney, Mar 15, 2021 AEST (ABN Newswire) - Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF) is pleased to advise that the Company will issue a total of 15,027,819 fully paid ordinary shares at AUD0.275 per share, 11,391,455 shares pursuant to a share placement to sophisticated and professional investors to raise AUD3,132,650 before costs, and 3,636,364 shares on full conversion of a AUD1,000,000 cash advance.

The funds raised from the share placement will be used for -

a) Project expenditure (open-pit and underground), including permitting, underground mine prefeasibility study, reserve conversion, tailings infrastructure, etc

b) Working capital, business development and corporate expenses

c) Cost of the issue

The above share issues are being made under the Company's placement capacity pursuant to Listing Rule 7.1. The shares are expected to be issued on Tuesday 23 March 2021.

The issue of 3,636,364 fully paid ordinary shares at AUD0.275 per share is in full settlement of the AUD1,000,000 short term loan advanced by a shareholder between December 2020 and January 2021 (refer Appendix 5B Quarterly Cashflow Report dated 29 January 2021).

Theta Gold Chairman Bill Guy commented, "The Company has raised funds to support its project development work. In the short term, the Company will update the market with its maiden underground mining reserve and integrated mine strategy. The team in South Africa is completing the underground Prefeasibility Study, focussed on easily accessible underground indicated resources, to generate the first underground mining reserve."

"The Integrated Mine Strategy will outline a clear vision of how Theta Gold intends to bring on multiple mines online over the next 4 to 5 years, with the integration of those mines through a central processing plant and mine infrastructure. The team is concentrating on the bigger mines initially, out of the 43 historical mines available to be evaluated."

Aura Capital Pty Ltd and Spark Plus Pte Ltd acted as Joint Lead Managers for the placement.

About Theta Gold Mines Limited

Theta GoldMines Ltd

Theta Gold Mines Limited (ASX:TGM) (OTCMKTS:TGMGF)  is a gold development company that holds a range of prospective gold assets in a world-renowned South African gold mining region.  These assets include several surface and near-surface high-grade gold projects which provide cost advantages relative to other gold producers in the region.

Theta Gold Mines core project is located next to the historical gold mining town of Pilgrim's Rest, in Mpumalanga Province, some 370km northeast of Johannesburg by road or 95km north of Nelspruit (Capital City of Mpumalanga Province).  Following small scale production from 2011-2015, the Company is currently focussing on the construction of a new gold processing plant within its approved footprint at the TGME plant, and for the processing of the Theta Open Pit oxide gold ore. Nearby surface and underground mines and prospects are expected to be further evaluated in the future.

The Company aims to build a solid production platform to over 100Kozpa based primarily around shallow, open-cut or adit-entry hard rock mining sources.  Theta Gold Mines has access to over 43 historical mines and prospect areas that can be accessed and explored, with over 6.7Moz of historical production recorded.



Bill Guy, Chairman
Theta Gold Mines Limited
T: +61-2-8046-7584

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Theta Gold Mines Limited

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