PERTH (miningweekly.com) – ASX-listed Toro Energy will raise A$4.5-million through a share placement to fund extensions to the Lake Maitland scoping study, and prepare a pilot plant programme for the Lake Maitland/Wiluna uranium project study.
Toro on Monday told shareholders that the company had secured firm commitments for the placement of 450-million new shares, priced at 1c each, from institutional, sophisticated and professional investors.
The placement price represented a 16.7% discount to Toro’s last closing price and a 15.6% discount to the company’s five-day volume weighted average share price.
Under the placement, the company would issue one option for every two shares subscribed for, with an exercise price of 1.5c each and a 24-month term.
The share placement will be settled in one tranche under the company’s existing placement capacity.
“Toro is pleased with the outcome of this fundraising and is delighted to welcome new highly reputable investors to its register and increased investment from existing shareholders,” said executive chairperson Richard Homsany.
“Toro is enthusiastic about advancing its potential Tier-1 asset in Western Australia, the world-class Wiluna uranium project. Toro also owns the high-quality Dusty nickel project in close proximity. These projects both have considerable upside and unlocked value. With further work, Toro is confident its assets will continue to emerge as standalone mining projects.”