Adelaide, Jan 22, 2006 AEST (ABN Newswire) - Macquarie Bank (ASX: MBL) has increased it holding in Terramin Resources (ASX: TZN) to 8.2% after a AU$1M share placement.
The emerging zinc resource announced on Friday that the big Australian had agreed to take a an addtional 1.82M Terramin shares at AU$0.55 each.
The placement price represents a slight premium to Terramin's average traded price of AU$0.54 over the past four days.
Terramin's Executive Chairman, Kevin Moriarty, said proceeds from the placement would be used to help the Company progress its first overseas acquisition and for working capital.
The placement takes the Bank's total holding in Terramin to over 5.8M shares.
The last placement made by Mac Bank was in June 2005 at an issue price of 25 cents.
About Terramin Australia Limited
Terramin Australia Limited (ASX:TZN) has a clear focus on growing a production pipeline of base and precious metal projects close to infrastructure and with low capital and operating costs. Consistent with this focus, the Group holds several highly prospective mineral deposits and exploration tenements across Algeria and South Australia.
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