Turaco raises cash for African gold hunt
PERTH (miningweekly.com) – ASX-listed Turaco Gold will raise A$10-million in a share placement to fund exploration work in Cote d’Ivoire.
The company, previously known as Manas Resources, on Thursday said it had received binding commitments for the placement of more than 83.3-million shares, at an issue price of 12c each, from institutional and sophisticated investors.
The placement will be conducted under the company’s existing placement capacity, and will not require shareholder approval.
A further 833 333 will be issued to company directors, at the same price, subject to shareholder approval.
“We are extremely pleased with the strong demand from new institutional and sophisticated investors,” said MD Justin Tremain.
“This is a validation of the asset portfolio we have assembled, coupled with our management team who has extensive knowledge of Cote d’Ivoire and its potential. The placement places Turaco in a strong financial position to acelerate exploration programmes across our tenure, in particular at Boundiali and Eburnea, where drilling is ongoing.”
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