AU$10.0 million funding secured to propel Kobada Gold project forward

Toubani Resources Limited (ASX: TRE) has successfully secured AU$10.0 million through a two-tranche placement, issuing approximately 58.8 million new fully paid ordinary shares at an issue price of AU$0.17 per share. This reflects a 5.6% discount to the last closing price and a 10.1% discount to the 10-day VWAP. The placement has garnered significant interest from various institutional, sophisticated, and professional investors, including commitments from Australian fund manager Paradice Investment Management, which will hold a pro forma 9.9% in the Toubani post-offer.

The company plans to use the funds raised to advance the Kobada Gold Project towards shovel-ready status and explore resource growth opportunities during its promising tenure.

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