Tulla Resources has received firm commitments for a $20 million two-tranche placement to fund the company’s proportion of the Norseman ramp-up in Western Australia and for working capital and offer costs.
Monies will also be used for potential future optimisation and development opportunities at the asset.
Tulla executive director Mark Maloney said support for the placement was welcomed, with the company acquiring a number of new investors to the register.
The company’s flagship asset is a 50 per cent interest in the Central Norseman gold project, a historic gold province near the town of Norseman in the Goldfields of WA, which commenced operations in 1935.