Turaco Gold (ASX: TCG) has raised $10 million in a ‘heavily oversubscribed’ share placement to fund ‘aggressive’ exploration across its northern Côte d’Ivoire projects.
The company reports that it has received binding commitments from a series of new institutional investors in North America, Europe and Australia, along with its existing shareholders.
“This is a validation of the asset portfolio we have assembled, coupled with our management team who has extensive knowledge of Cote d’Ivoire and its potential”
Commenting on the news, Turaco Gold Managing Director Justin Tremain said: “We are extremely pleased with the strong demand from new institutional and sophisticated investors, I would also like to thank our existing shareholders for their strong continued support. This is a validation of the asset portfolio we have assembled, coupled with our management team who has extensive knowledge of Cote d’Ivoire and its potential. The Placement places Turaco in a strong financial position to accelerate exploration programs across our tenure, in particular at Boundiali and Eburnea where drilling is ongoing.”
The Placement, which was managed by Euroz Hartleys along with Bridge Street Capital Partners and Orimco Resource Investment Advisors as co-managers, involved an issue of 83,333,333 fully paid ordinary shares @ $0.12 for a total raise of $10 million before costs.
Turaco notes that its directors will take up an additional 833,333 fully paid ordinary shares at the same price.
The issue price represented an 11.1% discount to the company’s last traded price of $0.135, with settlement expected to occur on 25th November.
Turaco owns a series of ‘highly prospective’ Birimian greenstone terrain tenements across 8,350km² within northern Cote d’Ivoire, with projects including the Boundiali Gold Project (89%), the Ferke Gold Project (89%), the Tongon North Gold Project (100%) and the Eburnea Gold Project (80%).