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Highlights:
- 10M Capital Raise: Toubani Resources Ltd (ASX:TRE) raised $10 million through a placement to fund the development of its Kobada Gold Project in Mali, with shares offered at a discount to the market price.
- Notable Investors: The placement included significant participation from Australian fund manager Paradice Investment Management Pty, which will hold a 9.9% stake, as well as from Toubani’s directors and other institutional and retail investors.
- Development Goals: The funds will support advancing Kobada through the Definitive Feasibility Study (DFS) and expanding Toubani’s resource base, with an updated feasibility study expected in the coming months.
Toubani Resources Ltd (ASX:TRE) has successfully raised $10 million to advance the development of its Kobada Gold Project in Mali, specifically to progress through the Definitive Feasibility Study (DFS) phase. The capital was raised through a placement conducted in two tranches, with new shares priced at 17 cents each—reflecting a 5.6% discount to the last closing price and a 10.1% discount to the 10-day VWAP.
Australian fund manager Paradice Investment Management Pty will acquire a pro-forma holding of 9.9% in Toubani through its subscription to the new shares. Directors Matt Wilcox, Scott Perry, and Phil Russo also participated in the placement, alongside interest from other specialist resources fund managers, institutional investors, and retail investors.
The funding will be allocated towards advancing the Kobada Gold Project and expanding Toubani’s resource holdings in a highly prospective region. Managing Director Phil Russo highlighted the placement's success as a testament to Toubani’s growing gold development prospects in Africa.
"We are grateful for the support from both existing and new shareholders and excited to welcome several high-quality institutions to Toubani," Russo stated. "We are positioned to advance our West African gold project and are eager to deliver an updated feasibility study for Kobada in the coming months. Our dual-track strategy of moving Kobada towards shovel-ready status while pursuing additional resource opportunities presents a promising future for the company and our shareholders."
