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Construction|Gold|PROJECT|Resources
Construction|Gold|PROJECT|Resources
construction|gold|project|resources

Toubani secures A$10m for Mali gold project

21st August 2024

By: Creamer Media Reporter

     

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Australia-listed Toubani Resources has raised A$10-million in a two-tranche placement for its Kobada gold project, in Mali.

The placement comprises 58.8-million new ordinary shares at an issue price of A$0.17 a new share.

The placement, Toubani said, was strongly supported by new and existing institutional and sophisticated investors, including several Australian specialist resources fund managers.

The company also announced that Australian fund manager Paradice had committed to subscribe for new shares in the placement resulting in a pro-forma holding of 9.9% in Toubani on completion of the offer.

"We are humbled by the support received from existing and new shareholders as we welcome several new high-quality institutions to Toubani,” said MD Phil Russo.

He stated that Toubani was well positioned to advance its West African gold development project and stated that an updated feasibility study for Kobada would be published in the coming months.

The current definitive feasibility study proposes the construction of a three-million-tonne-a-year operation producing 1.2-million ounces of gold over a 16-year life-of-mine, with average gold production estimated at 100 000 oz/y over the first ten years of operation.

Edited by Creamer Media Reporter

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