YTC Resources closed the 2010-11 financial year in a very strong financial position with cash and receivables of $28.6m. This follows a year of continuing aggressive exploration and feasibility activities at the flagship Hera and Nymagee Projects.
Corporate highlights for the year include:
- Completion of two successful capital raisings, $10m in October 2010 and $25m in March 2011. Both raisings were substantially oversubscribed and strongly supported by local and international institutional investors and both existing and new shareholders.
- Continued sole funding of the Nymagee Joint Venture saw YTC increase its interest in the Nymagee Joint Venture to 90%.
- Agreements to sell YTCs New England Tin projects to Taronga Mines Ltd (TAZ), which is seeking an ASX IPO. TAZ own 100% of the Taronga Tin Deposit, the largest undeveloped tin deposit on mainland Australia.
YTC Price at posting:
51.0¢ Sentiment: LT Buy Disclosure: Held
