True North Copper Raises A$18M in Upsized Placement

True North Copper has secured A$18 million in a post-IPO placement of shares at A$0.37 each, exceeding its initial target of A$15 million due to strong investor demand.

The company will issue 48,648,649 shares under the placement, with major shareholder Tembo Capital Management cornerstoning the round and new institutional investors joining the register.

A separate Share Purchase Plan will raise up to a further A$2 million at the same price, bringing total proceeds to A$20 million.

The funds raised will be used to fund the final A$7.5 million deferred payment for the Mt Oxide Project acquisition and support growth across both the Mt Oxide and Cloncurry Copper projects.