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- Toro Energy (TOE) has utilised its controlled placement agreement (CPA) with Acuity Capital, raising $2.12 million by setting off 135 million TOE shares
- Toro is a uranium development and exploration company with projects in WA
- TOE has now terminated the CPA, effective immediately, and will put funds raised towards additional working capital
- The company offset the total 135 million collateral shares that Acuity Capital would otherwise be required to return to Toro upon maturity or early termination of the CPA
- Toro Energy shares are down 3.85 per cent, trading at 2.5 cents each
Toro Energy (TOE) has utilised its controlled placement agreement (CPA) with Acuity Capital to raise $2.12 million, including costs, by setting off 135 million TOE shares.
Toro is a uranium development and exploration company with projects, such as its wholly owned flagship Wiluna, located in Western Australia.
TOE has now terminated the CPA, effective immediately, and will put the funds raised towards additional working capital.
The company, through the agreement, offset the total 135 million collateral shares that Acuity Capital would otherwise be required to return to Toro upon maturity or the early termination of the CPA.
Earlier this month, Toro fired up drills at the Dusty Nickel Project in Western Australia to begin a 2600-metre diamond drilling effort. The program will test for extensions to the previously intersected massive nickel sulphides (MNS), with a focus on the Yandal One Target Area.
Previous drilling at the project hit notable MNS levels, including 15 centimetres at 1.86 per cent nickel, 0.19 per cent copper and 0.08 per cent cobalt.
Toro Energy shares are down 3.85 per cent, trading at 2.5 cents each at 1:36 pm AEDT.
