Turaco Gold Limited (ASX: TCG) announced that it has successfully secured commitments for a two-tranche share placement, raising an impressive AU$35 million at 31 cents per share. This Placement has garnered substantial support from existing sophisticated institutional investors and new Australian and international institutional investors. This considerable funding injection will empower Turaco to expedite drilling at the Afema Project in southeast Cote d’Ivoire, aiming to rapidly expand the maiden MRE of 2.5Moz and fuel exploration for new gold discoveries.
The AU$35 million secured will provide a robust platform for accelerating drilling and unlocking further value at the Afema Project in Cote d’Ivoire. With the conclusion of the wet season, it is primed to intensify drilling activities, targeting resource extensions and discoveries through testing several large-scale exploration targets. It has two rigs operational on-site, and it is poised to increase this number following the completion of this funding round.
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