Torque Metals (ASX:TOR) has raised $16.2 million through a $15 million institutional placement and $1.2 million from early option exercises, marking strong support from both high-quality institutional investors and existing shareholders.
The capital boost positions Torque with its strongest balance sheet since listing, enabling the company to immediately advance its next phase of growth and accelerate exploration at the 100%-owned Paris Gold Project in Western Australia.
Drilling is set to recommence in early January, launching an aggressive, multi-rig program targeting extensions to known high-grade lodes and new DHEM-generated targets across the Paris Gold Camp.
Funds will also support early feasibility studies and the evaluation of production pathways leveraging Paris' granted mining licences and nearby infrastructure.
Torque Managing Director Cristian Moreno said the funding outcome underscores confidence in the Paris project and provides the financial capacity to pursue exploration at an unprecedented scale.
"The majority of these funds will go straight into the ground, targeting both extensions to known high-grade lodes and new discovery opportunities," he said, welcoming new shareholders and thanking existing investors for their support.
At the time of reporting, Torque Metals' share price was $0.29.