Turnstone Resources Ltd (ASX: TSR) (“Turnstone” or “the Company”) advises that it has received firm commitments to raise A$1.1 million (before costs) through the issue of 55 million new fully paid ordinary shares at A$0.020 per new share (“Placement”). Highlights Oversubscription and strong interest from new sophisticated investors seen as endorsement ofCritical Minerals Strategy and Strategic Options Review 1 Funds will be used to advance evaluation of new critical minerals opportunities, explo
Turnstone Resources Ltd (ASX: TSR) (“Turnstone” or “the Company”) advises that it has received firm commitments to raise A$1.1 million (before costs) through the issue of 55 million new fully paid ordinary shares at A$0.020 per new share (“Placement”).
Highlights
Turnstone Resources Ltd Non-Executive Chairman Richard Pearce commented:
*“The placement provides flexibility to assess additional critical minerals opportunities that meet our commodity and jurisdiction criteria, while progressing exploration across our Swedish copper-gold portfolio. The next phase of work will focus on refining drill targets at Glava and across Torsby West. *
*In addition, we will progress the review of strategic options for the German potash assets. *
We are particularly excited by the level of new interest shown in the Turnstone story and welcome these new shareholders to the register and also thank existing shareholders for their ongoing support. We are focused on directing capital to activities that can create value across each part of the portfolio.”
The Placement was made to sophisticated and professional investors, with funds to be used to assess new critical minerals opportunities, advance exploration across the Company’s copper-gold project portfolio in Sweden and review strategic options for the German potash assets.
Placement
The Company has received firm commitments to raise A$1.1 million via a placement at an issue price of A$0.02 per new Share.
Tranche 1 – raise up to A$810,000 (40,500,000 shares) to be issued using its available placement capacity under ASX Listing Rules 7.1 (23,525,000 shares) and 7.1A (16,975,000 shares).
Tranche 2 – raise up to A$290,000 (14,500,000 shares), subject to shareholder approval at a general meeting of shareholders expected to be held in mid-October 2026.
The Tranche 2 placement includes commitments by Directors for gross equity of A$160,000 for the issue of 8,000,000 shares as follows:
The new Shares issued under the Placement will rank equally with existing Turnstone shares on issue and will be quoted on the ASX from their date of issue.
Placement Shares are expected to settle on 8 September 2026 and be issued on or around 9 September 2026.
The issue price of A$0.02 per Share represents an 11.1% premium to last traded price of A$0.018 and a discount of 3.7% to the Company’s 15-day VWAP of A$0.0208.
GBA Capital Pty Ltd acted as Lead Manager to the Placement and will receive 4,000,000 options in the Company exercisable at A$0.035 on or before three years from the date of issue (subject to shareholder approval), as part of their fee.
Use of Funds
Funds raised under the Placement will be directed towards:
Authorised for release by the Board of Turnstone Resources Ltd.
– ENDS –
For more information please contact:
Richard Pearce
Non-Executive Chairman
Turnstone Resources Ltd
E: rpearce@turnstoneresources.com
Andrew Willis
Investor and Media Relations
NWR Communications
E: awillis@nwrcommunications.com.a
Click here for the full ASX Release
This article includes content from Turnstone Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
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