By Devika Patel
Knoxville, Tenn., Sept. 15 - Toro Energy Ltd. said it will conduct a A$39.93 million private placement of stock.
The company will sell 83.4 million ordinary shares at A$0.15 each for A$12.51 million. The same investors will also buy a further 49.9 million shares after receipt of shareholder approval for A$7.5 million. The company also will sell 132.9 million shares to OZ Minerals for A$19.94 million.
Proceeds will be used to fund approvals and a bankable feasibility study at Toro's Wiluna Uranium Project.
Based in Norwood, Australia, Toro Energy is a uranium exploration and development company.
| Issuer: | Toro Energy Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$39.93 million
|
| Shares: | 266.2 million
|
| Price: | A$0.15
|
| Warrants: | No
|
| Investor: | OZ Minerals (for A$19,935,000)
|
| Pricing date: | Sept. 15
|
| Stock symbol: | Australia: TOE
|
| Stock price: | A$0.20 at close Sept. 15
|
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