Tiomin Resources (TIO-T) has completed a private placement of 2 million shares priced at 50 cents each, for proceeds of $1 million.
The company is preparing to begin a feasibility study at its Kwale titanium mineral sands project in Kenya. The deposit contains 200 million tonnes of material grading 4 million tonnes ilmenite, 1 million tonnes rutile and 600,000 tonnes zircon.
The company also recently completed a feasibility study at its Cerro Colorado copper project in Panama. The proceeds of the placement will be used for general corporate purposes.
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