TRX: $100M Financing to Fund 2010 Construction Budget

STEFAN IOANNOU, Haywood Securities (03/29/2010)
"Terrane has entered into two equity financings totaling $100M, proceeds from which will be used to (partially) fund Mt. Milligan's 2010 construction program.

The financings, priced at $1.10 per unit, are marginally accretive to Terrane's fully financed after-tax corporate NAV 8-1/2%ľ12% in our model (an increase to $1.00 per share from $0.96), while our target price, based on 1.0x multiple to after-tax corporate NAV, remains unchanged.

. . .Mt. Milligan's 2010 construction 95% funded."

For more independent commentary, click here: Terrane Metals Corp.

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