Toubani to acquire portion of Avanti Gold
ASX-listed Toubani Resources will acquire 19.9% of the issued shares of CSE-listed company Avanti Gold through a share swap arrangement with certain shareholders of the company.
Toubani will issue 72.9-million shares to the shareholders, in exchange for 44.5-million Avanti shares.
Avanti is a gold exploration company and owns 73.5% of the Misisi gold project, in the Democratic Republic of Congo (DRC).
The project comprises 133 km of granted mining licences and contains the Akyanga deposit where a National Instrument 43-101 inferred mineral resource estimate of 40.8-million tonnes at 2.37 g/t, containing 3.1-million ounces of gold, has been delineated.
“This investment represents a strategic opportunity to gain exposure to one of the few premier gold development assets in Africa,” says Toubani MD Phil Russo.
“While Toubani remains firmly focused on bringing our flagship Kobada project [in Mali] into production in 2027, our team’s strengths in resource delineation, engineering studies, funding and construction – combined with our existing operational knowledge and experience in the DRC – position us to support the acceleration of the Misisi project,” he avers.
“Avanti’s Misisi project is an attractive asset in a jurisdiction that is very much ‘open for business’, and we look forward to working with the Avanti team to unlock its full potential,” Russo adds.
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