As global uranium markets continue to strengthen, Toro Energy on Monday announced a A$12.3-million boost to support development of its Wiluna uranium project, in Western Australia.
The ASX-listed company secured firm commitments for a A$12.3-million placement, comprising the issue of 23-million new fully-paid ordinary shares at A$0.52 a share.
The placement offer price represents a 13.3% discount to the last-close on January 17.
The proceeds will be used to fund the pilot plant programme as part of the Lake Maitland prefeasibility study and to test samples across the entire Wiluna project, as well as for drilling additional samples at Lake Maitland, Lake Way and Centipede-Millipede for further metallurgical test work.