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Titan Minerals rockets 160% on ASX relisting

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Titan Minerals rockets 160% on ASX relisting

Titan Minerals Ltd. has been reinstated to the ASX, trading at a 160% premium to its recent capital raising price on its first day back on the Australian exchange.

The company, formerly known as Minera Gold Ltd., reached an intraday high of 2.6 Australian cents Oct. 17 before edging back slightly to close at 2.5 cents.

In a solid day of trade, nearly 300 million shares changed hands before the closing bell.

As Minera Gold, the company went into administration in August 2015 after it failed to secure much-needed funding.

However, as the newly rebranded Titan, the company has successfully raised A$6.0 million to repay debt and fund its earn-in to the Torrecillas gold project in Peru.

The company is transferring the Torrecillas property to Andina Resources Ltd. subsidiary Mantle Mining Peru SAC but will retain an option to earn up to a 70% interest in the project as part of its restructuring deal.

Titan pared back some of its gains Oct. 18 to close at 2.3 cents.