Toro Energy (TOE) has placed its shares in a trading halt while...

Toro Energy (TOE) has placed its shares in a trading halt while it gears up for an approaching capital raiseCompany shares are likely to remain in a trading halt until on or before Friday May 21, when the company makes a formal announcement regarding finer details of the raiseAt this stage, there's been no explicit indication from the Australian-based uranium company as to how much it is looking to raise or how it might spend the fundsToro recently raised $2.1 million in a controlled placement agreement via a set-off of 135 million fully paid ordinary sharesPrior to the trading halt, Toro Energy shares last traded at 2.9 cents MARKET HERALD , PUBLISHED 19/05/2021 Toro Energy (TOE) has received firm commitments to undertake a $15 million placementAll up, 652.1 million fully paid ordinary shares will be issued to institutional, sophisticated and professional investors at 2.3 centsThis price represents a 20.7-per-cent discount to Toro's last close of 2.9 cents on May 20Toro will use the funds to advance the Wiluna Uranium Project and undertake exploration at the Dusty Nickel and Yandal Gold and Base Metal projectsThe company has also entered an agreement to repay roughly $15.6 million to its largest shareholder, Sentient ExecutiveThis will be done through the conversion of shares and using some proceeds from the placementShares in Toro have dropped 13.8 per cent and are trading at 2.5 cents MARKET HERALD 21/05/2021