$2.6M placement with strategic investment fund

Today, TMZ announced a $2.6M placement with energy and resources focused institutional investor Patras Capital.

The placement is split into 4 separate tranches meaning TMZ will get the $2.6M over a 4 month period with the first $650k received today.

The placement is being done at a 15% discount to a “benchmark price” set by TMZ at 6.9c meaning the first $650k was placed to Patras at 6c/share. Patras will also be receiving listed TMZOA options on a 1:2 basis (1 listed option for every 2 shares issued).

We generally prefer simple cap raise structures, but at least this give TMZ to raise subsequent tranches at less dilutive share price levels during a time when silver (and all precious metals) prices are likely to rise (which would likely improve TMZ’s share price)

TMZ is currently in the middle of updating its resource estimates across its deposits so the extra funding comes at a good time, check out our 2022 Investment Memo here to see what we want to see TMZ achieve in 2022: