Perth-based gold explorer Turaco Gold (ASX:TCG) has tapped investors for $3.75 million to fund exploration at its projects in Côte d’Ivoire.
The company reports the single-tranche placement was oversubscribed and ‘strongly’ supported by several new and existing institutional and sophisticated investors.
Turaco says the placement, combined with $2.5 million of existing cash, puts the company in a ‘strong’ financial position to continue to fund exploration across the Eburnea, Odienne, Ferke, and Tongon North projects in Côte d’Ivoire.
Under the placement, 75 million shares will be issued at $0.05 per share, which represents a 4% discount to Turaco’s last trading price and a 16% discount to its 10-day volume weighted average price (VWAP) up to 8 May 2023.
Turaco reports the placement shares will be settled and allotted on 18 May 2023. Blackwood Capital acted as manager to the placement.
Commenting on the placement, Turaco Gold Managing Director Justin Tremain says: “This capital raising will allow for the continued exploration of our exciting projects in Côte d’Ivoire, in particular at the Eburnea, Odienne, and Ferke projects. I’d also like to thank shareholders for their continued support and welcome several new institutional and sophisticated investors to our company.
“…the $3.75 million raised places Turaco in a strong financial position to continue to fund exploration success at all of Turaco’s projects in Côte d’Ivoire”
Combined with existing cash position of $2.5 million (at 31 March 2023), the $3.75 million raised places Turaco in a strong financial position to continue to fund exploration success at all of Turaco’s projects in Côte d’Ivoire.
Strong demand for the placement has also facilitated the market crossing of approximately 16.3 million (or approximately $0.08 million) held by an institutional fund that is being wound up, removing a market overhang.”
Turaco Gold is a Perth-based gold exploration company operating a portfolio of projects covering over 7,000km-square in Côte d’Ivoire, West Africa.
The company’s exploration focus concentrates on the Eburnea, Odienne, Ferke, Tongon North, and Boundiali gold projects across the West African nation.
Images: Turaco Gold Ltd
