Toro Energy Limited (ASX: TOE) has secured firm commitments totalling AU$4.5 million, before expenses. This achievement involves issuing 450,000,000 new fully-paid ordinary shares in the company's capital, known as the placement. These newly acquired funds will primarily serve two crucial purposes for the company. Firstly, they will support the further development of the Lake Maitland Project, which includes extending the Lake Maitland Scoping Study. This study will explore the potential processing of ore transported from Centipede, Millipede, and Lake Way (Wiluna Uranium Project) at Lake Maitland.
Secondly, the capital raised will facilitate a pilot plant program as part of the Lake Maitland pre-feasibility study. This program will also involve testing samples from the other three deposits. Furthermore, a portion of the funds will be designated for general working capital and to cover the costs associated with the placement.
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Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.
