NEWS ROUNDUP — Tiomin raises $3.2 million

Toronto-based Tiomin Resources (ME) has completed negotiations to raise at least $3.2 million through a private placement of special warrants to institutional investors.

The special warrants will entitle the holders to acquire two million units at $1.60 per unit. Each unit consists of one common share and one warrant to acquire further common shares at $1.70 for a 2-year period.

Tiomin will use the proceeds to finance a feasibility study on the Natashquan property, a mineral sands deposit on the north shore of the Gulf of St. Lawrence in Quebec.

The property is estimated to contain an onshore resource of 1.3 billion tons averaging 6% heavies, including iron, titanium, zircon and garnet. Most of these heavy minerals are now imported by the U.S. from Australia and South Africa.