Tectonic Gold Plc Drill Warrant Extension and Project Plan

 
TIDMTTAU 
 
10 December 2021 
 
                               TECTONIC GOLD PLC 
                      ("Tectonic Gold" or the "Company") 
 
                   Drill warrant extension AND PROJECT PLAN 
 
Tectonic Gold plc (TDIM: TTAU), is pleased to announce that discussions with 
potential development partners in respect of the Company's licenses are 
progressing, notwithstanding delays caused by government-imposed interstate 
travel restrictions in Australia due to the pandemic. To avoid the February 
2022, 1.4p warrant holders being prejudiced by project delays, the Company has 
decided to extend the warrant exercise date to 1 July 2022. 
 
The recent drilling campaign completed 75% of the planned program but was cut 
short due to weather. We were able to extract enough data with confirmed gold 
intersections to advance the geological modelling. In discussions with 
potential partners, we have been requested to prepare the following: 
 
 1. Summary works report 
 2. Updated geological model 
 3. Analysis and proposed progress plan 
 4. Independent opinion on proposed plan 
 5. Costings and implementation for a 2022 and 2023 roll-out 
 6. Presentation with transaction options to farm in / fund the proposed plan 
 
We are working methodically through this but will not be able to complete and 
present the above before year end due to the limited availability of experts 
needed for the modelling and review over the holidays. As a result, it is 
unlikely that we can finalise a negotiation by February. 
 
The Company is fully funded to return to the field and complete the final 
drilling, if required, so there is no immediate need for the £1.17 million in 
capital exercising the warrants could bring. To avoid warrant holders feeling 
pressure to sell shares to fund warrants it makes sense to delay this until 1 
July 2022. 
 
There are no other changes to the terms of the Warrants. 
 
The Directors of the Company accept responsibility for the contents of this 
announcement. 
 
For further information, please contact: 
 
Tectonic Gold plc                                             +61 2 9241 7665 
Brett Boynton 
Sam Quinn 
www.tectonicgold.com 
@tectonic_gold 
 
Financial Adviser, Corporate Adviser                         +44 20 3005 5000 
and Broker 
VSA Capital Limited 
Andrew Raca - Corporate Finance 
Andrew Monk - Corporate Broking 
 
 
Ends 
 
The information contained within this announcement is deemed by the Company to 
constitute inside information as stipulated under the Market Abuse Regulations 
(EU) No. 596/2014. Upon the publication of this announcement via a Regulatory 
Information Service, this inside information is now considered to be in the 
public domain. 
 
 
 
END

(END) Dow Jones Newswires

December 10, 2021 02:00 ET (07:00 GMT)

Tectonic Gold (AQSE:TTAU)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024