Toubani Resources (ASX:TRE) has completed the institutional component of its entitlement offer, raising $52 million to fund development of the Kobada Gold Project in Mali.
The company issued approximately 172 million new shares at $0.30 each under the institutional entitlement offer. This represents a 14.3% discount to the last traded price of $0.35 on 10 July 2026 and a 15% discount to the 10-day volume weighted average price.
Existing eligible institutional shareholders and new institutions supported the 1-for-3.27 accelerated pro-rata non-renounceable entitlement offer.
Major shareholder Eagle Eye Asset Holdings, which holds approximately 34.2% of the company, and Helikon Investments, with its approximately 19.9% stake, have both committed to take up their full entitlements.
Settlement of the institutional offer is scheduled for 20 July 2026, with new shares expected to commence trading on 21 July 2026.
Toubani expects its trading halt to be lifted today, 15 July.
Managing Director Phil Russo thanks existing shareholders and welcomes new shareholders onto the register.
“The strategic equity financing, together with the gold stream, provides the funding certainty required to advance the Kobada gold mine into production, which remains on schedule for Q3 2027,” Russo says.
The retail component of the offer is expected to raise up to a further $18 million through the issue of approximately 62 million new shares.
Helikon has committed to act as partial sub-underwriter for up to $15 million of the retail offer.
Eligible retail shareholders will be invited to participate at the same offer price and ratio as the institutional offer. The retail entitlement offer will open on 20 July 2026 and close at 5:00pm Sydney time on 3 August 2026.
Apart from the development of the Kobada Gold Project, combined proceeds from the entitlement offer and gold stream will also support exploration activities, working capital, recoverable VAT payments, and corporate administration costs.
Canaccord Genuity Australia is acting as lead manager, underwriter, and bookrunner to the financing, while Sternship Advisors and Wallabi Group are acting as co-managers to the offer. Endeavour Financial is serving as financial adviser.
Toubani Resources is a developer focused on advancing gold opportunities in Africa, particularly with its flagship Kobada Gold Project.
Write to Paula Fabe at Mining.com.au
Images: Toubani Resources
