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The non-renounceable pro-rata entitlement issue is pricing new shares at 10c each.
Each new share will come with an option exerciseable at 18c before November 2021.
TNG needs an estimated $824 million to develop Mount Peake, with the 37-year, 2 million tonne per annum project said to be capable of generating pre-tax net annual operating cashflow of $359 million.
Last month TNG appointed KPMG as its financial advisor, with German state-owed development bank KfW mandated as the ASX-listed company's exclusive senior debt advisor in November last year.
TNG's major shareholder is a German investment fund.
TNG started the September quarter with $8.6 million.
Shares in TNG closed Friday at 10c, capitalising the company at $112 million.
