TNG has bolstered its coffers after obtaining new funding commitments of $2.8 million, after previously battling to gain support for a share purchase plan.
The company originally set a target of raising $3.5 million from its SPP, but shareholders subscribed for just $1.2 million.
It has now raised the shortfall funds through a placement, on the same terms as the SPP - a price of 4.5 cents and a free attaching option on a 1-for-2 basis.
In addition, TNG has received commitments for a further $500,000, subject to shareholder approval. This wil take the total raising to $4 million.
The money raised will go towards TNG's Mount Peake vanadium project in the Northern Territory.
Managing director Paul Burton said he was pleased with the response with the successful placement putting the company in a stronger financial position and allowing it to complete further work to progress the Mount Peake project.
TNG shares were steady at 5 cents at 7.45AM WST.
