PERTH (miningweekly.com) – Uranium developer Toro Energy has raised A$3.8-million through a share purchase plan.
The company on Friday said that it will issue more than 153.2-million shares.
The funds raised will be applied to technological advancements to reduce the capital and operating expenses in the uranium process flowsheet at the Wiluna project, in Western Australia, as well as advancing gold exploration at the Yandal project, and for working capital.
“The board is very pleased with the results of the share purchase plan, which have exceeded our expectations at the time it was launched,” said Toro executive chairperson Richard Homsany.
“The funds raised position the company well to add shareholder value by undertaking further testwork that has the potential to reduce production costs for the Wiluna uranium project and by advancing the Yandal gold project.”