Turaco Raises $6.6M in Oversubscribed Placement
Highlights
▪ Commitments to raise $6.6 million through a strongly supported equity placement
(‘Placement’
▪ Placement strongly supported by existing institutional and sophisticated investors
▪ Provides Turaco with a strong financial position to fund drilling and exploration at the Afema
Gold Project in Cote d’Ivoire as well as settle the US$1.5 million payment to Endeavour Mining
Plc for the acquisition of the initial 51% interest
Turaco Gold Limited (ASX | TCG) (‘Turaco’ or the ‘Company’ is pleased to announce it has received
commitments for a single tranche share placement to raise $6,600,000 (plus $80,000 of Director participation,
subject to shareholder approval) (‘Placement’.
The Placement is strongly supported by existing institutional and sophisticated investors.
Managing Director, Justin Tremain commented:
“The raising provides funding for the US$1.5 million upfront payment to Endeavour for the initial 51%
interest in the Afema Gold Project in Cote d’Ivoire and allows the Company to immediately commence
drilling, upon satisfaction of the conditions to the acquisition being Ministerial approval.”
Placement Details
The Placement is comprised of the issue of 73,333,333 fully paid ordinary shares (‘Placement Shares’ at an
issue price of 9 cents, raising $6.60 million (before costs). The issue price of 9 cents represents:
▪ 14% discount to Turaco’s last traded price on 24 November 2023;
▪ 2.4% discount to 5-day volume weighted average price (‘VWAP’ to 24 November 2023; and
▪ 7.2% premium to 10-day VWAP to 24 November 2023.
The Placement Shares will be issued under the Company’s existing placement capacity under ASX Listing
Rule 7.1 (28,907,500 shares) and 7.1A (44,425,833 shares), and accordingly no shareholder approval is
required. The Placement shares will rank equally with existing ordinary shares from the date of issue.
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