Source: Toro Energy
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • Toro Energy (TOE) raises $5 million via an institutional placement to further support the development of multiple projects
  • The company will issue around 461.5 million new shares at 1.1 cents to new and existing institutional, sophisticated and professional investors
  • Additionally, shares will be issued with a free-attaching unlisted option with an exercise price of 1.8 cents within two years from the issue date
  • Toro expects the shares will settle on December 15 while the options will be approved at the company’s upcoming extraordinary general meeting in early 2023
  • Shares in Toro Energy have ended the day down 7.69 per cent at 1.2 cents

Toro Energy (TOE) has raised $5 million via an institutional placement to support the development of multiple projects.

The company will issue around 461.5 million new shares at 1.1 cents to new and existing institutional, sophisticated and professional investors.

Additionally, shares will be issued with one free-attaching unlisted option with an exercise price of 1.8 cents within two years of the issue date.

In particular, the funds will go towards the Lake Maitland, the Dusty and Yandal One and the Wiluna uranium projects.

“Toro is pleased with the outcome of this fundraising and is delighted to welcome a number of new highly reputable investors to its register, including those with a specialist uranium focus,” Executive Chair Richard Homsany said.

“The outstanding results of the Lake Maitland scoping study provide a strong foundation for the enhanced viability of not only Lake Maitland but the entire Wiluna uranium project with further work,” Mr Homsany said.

“The consistent and continued success of our nickel exploration campaign also provides investors with a further avenue for growth in value.”

Canaccord Genuity and Petra Capital acted as joint lead managers and bookrunners to the placement.

The company expects the shares will settle on December 15. The options will be approved at a extraordinary general meeting in late January or early February 2023.

Shares in Toro Energy ended the day down 7.69 per cent to 1.2 cents at market close.

TOE by the numbers
More From The Market Online

ASX Market Update: Schizophrenic stocks swing from green with energy to remorseful red | 21 June, 2024

The ASX200 came out the gate in the green on Friday, but slipped well below the red line within the first hour of

Jade’s strong gas exploration results in another step towards Mongolian development

Jade Gas Holdings Ltd has picked up strong drilling results from seven wells at its BNG…
The Market Online Video

From the Floor: Perth conference highlights

We bring you the highlights from the 2024 MiningNews Select and Future of Mining conferences this…

Scoping study and Phase 2 drilling progress Prospect Ridge magnesium play for GWR

GWR Group Ltd is set to roll out a scoping study and second phase of drilling…