• Raised $0.81 million through placement of 16.2 million new shares at $0.05 each
• Placement Shares will rank equally with existing fully paid shares
• Company to issue 16.2 million free attaching options to placement participants, subject to shareholder approval

TZ Limited (ASX:TZL) has announced the completion of a $0.81 million placement to professional and sophisticated investors. The company has issued 16,200,000 new fully paid ordinary shares at an issue price of $0.05 per share. The new shares will rank equally with the company's existing fully paid shares. As previously advised, the company will grant 16,200,000 options to participants in the placement, with each option having an exercise price of $0.05 and an expiry date of 36 months after the date of grant. These options are subject to shareholder approval, and details of the time and venue for a General Meeting to consider the necessary resolutions will be provided separately by the company. An Appendix 2A - Application for quotation of securities will be released following this announcement.