Turaco Gold equity raise hits market focus
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Key points
- Turaco Gold announced a $120 million share placement at $0.60 per share alongside a $10 million share purchase plan.
- The company share price dropped 7% following the capital raising and project buyout announcement.
- Management stated the funds will buy out Sodim's minority stake to consolidate full ownership of the Afema Gold Project.
Turaco Gold (ASX:TCG) announced a $120 million equity raising and a $10 million share purchase plan priced at $0.60 per share.
The transaction follows prior corporate updates regarding options to acquire minority project stakes.
"We look forward to reporting on further mineral resource growth through ongoing drilling and the expedited development of Afema," said Turaco Gold.
The funding covers a US$30 million cash component to buy out Sodim's remaining 20% interest in the Afema Gold Project.
Following the announcement, the Turaco Gold share price was down at $0.69.
The business operates as an Australian-listed gold exploration and development company focused on mineral assets in West Africa.
