Capital-hungry Turaco Gold is back in front of investors with an equity raising.Listed gold miner Turaco Gold is running an institutional placement to develop its Cote d’Ivoire project in West Africa. Louie DouvisThe $438 million market cap junior gold explorer launched a $60 million institutional placement on Monday morning.Joint lead managers Canaccord Genuity, Argonaut Securities and d SCP Resource Finance were rounding up investors at 44¢ per new share – a 9.3 per cent discount to the last traded price. Morgans is a co-manager. Canaccord also acted as global co-ordinator on the raising.Fresh funds will be applied to Turaco Gold’s drilling activities, to conduct feasibility, environmental and social assessment studies and for infrastructure investment, among other things, according to a term sheet seen by Street Talk.Turaco Gold will seek to raise an additional $4 million via a share purchase plan.The raising comes eight months after Turaco Gold launched a $35 million placement to fund work at its Afema mine in Cote d’Ivoire. The miner also tapped investors for $16 million in April last year.Turaco Gold’s share price has jumped almost 90 per cent this year and last traded at 48¢ per share.
TCG Price at posting:
48.5¢ Sentiment: Hold Disclosure: Held
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