Titan Minerals Ltd. received firm commitments to raise A$20 million by issuing 1,333,333,333 common shares at 1.5 Australian cents per share.
The company said June 4 that it will use the funds for exploration and development of its Dynasty Goldfield project in Ecuador, including exploration at Copper Duke and Linderos, and for general working capital purposes.
Titan plans to support its takeover target, Core Gold Inc., in an early start to the proposed exploration programs in southern Ecuador, supporting an aerial magnetic survey expected to start in the coming weeks.
The company is tendering bids for the first 15,000 meters of drilling planned for 2019 and finalizing a sampling plan for the historical diamond core material stored at the Dynasty project.
"With a solid exploration plan now in place for the Ecuadorian properties these funds will go a long way to unlocking significant value in these assets, we look forward to advancing both Titan and Core's projects following the completion of the merger at the end of this month," Titan Executive Chairman Matthew Carr said.
The completion of the placement, expected June 20, is conditional on Core Gold and Titan shareholders approving the merger.