The Market Herald: Toro Energy (ASX:TOE) raises $5m to further support development of projects


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.

Extracted Source: The Market Herald