Australian mining company True North Copper has secured approximately A$53.44m ($33m) before costs by way of conditional placement.

The capital was raised through two primary share issuances.

True North Copper issued 10,180 million shares at a price of $0.005 each, raising $50.90m under a conditional placement.

Additionally, the company issued 507,797,596 shares at the same price to raise $2.54m through a share purchase plan for eligible shareholders.

The placement was partly underwritten by Canaccord Genuity and Morgans Financial up to $50.3m, including a drill-for-equity arrangement with Mitchell Services valued at $300,000.

Following the capital raise and the completion of the deed of company arrangement (DOCA), Paul Cronin is set to become the nonexecutive chair of True North Copper.

The DOCA, which was entered into on 19 November 2024, has been successfully completed by True North Copper, as confirmed by the lodgement with the Australian Securities and Investments Commission by the former Deed Administrator.

As a result, the company’s control is transferred to its directors, with Cronin joining the existing board.

True North Copper's subsidiary companies, also included in the DOCA, have exited external administration.

On 18 November 2024, the company's creditors resolved for the company and its subsidiaries to enter the DOCA to recapitalise and restructure debts.

The retirement of the previously secured debt facility, combined with the capital raising and the effectuation of the DOCA, are said to be key steps in True North Copper's path towards the readmission of its shares to trading on the ASX.

Last November, True North Copper secured commitments to raise A$50.3m in equity through a fully underwritten conditional placement.

The conditional placement garnered significant support from institutional and sophisticated investors, including the company’s largest shareholders and processing partner Glencore.