Africa-focused Toubani registers as Australian company

Africa-focused gold explorer Toubani Resources (ASX:TRE) has been registered as an Australian company effective from 8 January 2024.

The continuance from Canada to Australia was previously approved by the company’s shareholders at its AGM on 1 September 2023.

The board considers that the administration and efficiency of the company will be improved following the Australian continuance, which it says may realise cost savings for Toubani Resources.

As part of the Australian continuance, Toubani Resources’ common shares will become fully paid ordinary shares on a 1:1 basis. All shareholders will then hold shares directly in the company rather than through CHESS Depositary Interests (CDIs) and those shares will be tradeable on ASX.

Accordingly, all existing CDIs will be cancelled and new holding statements will be issued in support of the uncertificated shareholdings (in replacement for the existing CDI statements).

Toubani Resources is an exploration and development company with a focus on advancing Africa’s next gold development project with its oxide-dominant Kobada Gold Project.

Toubani believes that Kobada is on the path to becoming the next West African gold mine of significant scale, underpinned by a substantive initial oxide phase operation.

A DFS update that began in July 2023 is assessing the potential for a higher processing rate, and consequently increased annual gold production, with an initial oxide focussed project phase followed by the inclusion of fresh material later in the mine plan.

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Written By Adam Orlando Editor-in-Chief Adam Orlando has more than 20 years’ experience in the media having held senior roles at various publications, including as Asia-Pacific Sector Head (Mining) at global newswire Acuris (formerly Mergermarket). Orlando has worked in newsrooms around the world including Hong Kong, Singapore, London, and Sydney.