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africa|exploration|gold|project|testing|drilling

Turaco raises A$35m to accelerate drilling in Cote d'Ivoire

18th October 2024

By: Creamer Media Reporter

     

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West  Africa-focused Turaco Gold has announced a A$35-million equity raise to accelerate drilling at the Afema project, in Cote d’Ivoire.

The ASX-listed company will raise the funds in a two-tranche placement of 112.9-mllion shares at 31c a share.

The placement price represents a 13.9% discount to Turaco’s last traded price of A$0.36 a share on October 15.

The placement was significantly overbid with strong demand from several new and existing Australian and international institutional investors.

“With the end of the wet season, we will now accelerate drilling activity to target resource extensions and new discoveries through the testing of several large-scale exploration targets. We have two rigs operating on site now and will look to increase this following completion of this raising,” said MD Justin Tremain.

Turaco has delineated a maiden Joint Ore Reserve Committee-compliant resource of 2.5-million ounces within six months of acquiring its interest in the Afema project.

Edited by Creamer Media Reporter

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