PERTH (miningweekly.com) – Uranium hopeful Toro Energy has launched a share purchase plan (SPP) to raise A$3.5-million to fund a drilling programme at the Yandal gold project, and to retire debt.
Eligible shareholders will be able to subscribe for up to A$30 000 of additional shares under the SPP, at a 20% discount to the volume weighted average trading price of Toro’s shares five days immediately prior to the issue of the new shares.
“The SPP is designed to reward existing shareholders by providing them with the opportunity to further support the company at a favourable discounted price without incurring brokerage or transaction costs,” said executive chairperson Richard Homsany.
“Funds raised will assist the company to complete a reverse circulation drill programme at the Yandal gold exploration project, to retire debt and to advance processing studies on the company’s Wiluna uranium project, which can potentially lead to substantial cost reductions and improve the value of the Wiluna uranium project with vanadium identified as a potentially viable by-product.”