Theta Gold Mines Limited (ASX:TGM) $1.4M Placement Completed to Progress the TGME Underground Project

Theta Gold Mines Limited (ASX:TGM) (FRA:3LM) (OTCMKTS:TGMGF) is pleased to announce it has raised A$1.4 million (before fees) through a private placement, from a majority of existing institutional, professional and sophisticated investors.

The Company will issue new Ordinary Shares at the issue price of A$0.12 cents per share, using the Company's existing placement capacity pursuant to Listing Rule 7.1.

Use of funds raised from the share placement as follows:

a) Project expenditure including permitting, underground trial mining and completion Definitive Feasibility Study;

b) Progress towards Environmental Impact Assessment and Environmental Management Program; and

c) General working capital and corporate overheads.

Chairman Mr. Bill Guy commented: " The Definitive Feasibility Study is on track and the Company will host potential financiers to site in South Africa after the week of Mining Indaba Cape Town which starts on Monday, 9 May 2022. We're also in the progress of setting up project data room to be available to project financiers in the second half of May.

We again welcome the continued strong vote of confidence from our existing domestic and international investors of Theta Gold Mines who continue to support the Company and its significant TGME Underground Gold Mine Project."

Bill Guy, Chairman 
Theta Gold Mines Limited
T: + 61 2 8046 7584
E: billg@thetagoldmines.com