Business
Turaco Gold Limited - Oversubscribed Share Purchase Plan Closes
Turaco Gold Limited - Oversubscribed Share Purchase Plan
About this update from Turaco Gold Ltd
Turaco Gold Limited (ASX | TCG) ('Turaco' or the 'Company') is pleased to advise that the share purchase plan (SPP or Offer) announced on 25 June 2025 has now closed, raising the targeted amount of $4 million through the issue of approximately 9.1 million shares at $0.44 per share. Due to extremely strong demand and the Offer being heavily oversubscribed, a decision was made by the Board of Turaco to close the SPP early in order to avoid excessive scaling of applications. Prior to the Offer's early closing, the Company had received valid applications totalling approximately $10 million , far in excess of the targeted amount of $4 million . The SPP was undertaken in conjunction with a highly successful $60 million placement to institutional and sophisticated investors (Placement) (refer ASX announcement 18 June 2025 ) and leaves Turaco in an exceptional financial position with over $85 million in cash to expedite exploration and feasibility work streams at the 3.6Moz Afema Project in south-east Cote d'Ivoire (refer ASX announcement 5 May 2025). Details of the SPP A total of 9,090,587 fully paid ordinary shares resulting from the completion of the SPP are expected to be issued on 16 July 2025 , raising approximately $4 million . Strong demand for the SPP resulted in the early closing ofthe Offer on 9 July 2025 (Closing Date) and has required the Company to scale back valid applications. The scale back methodology implemented was designed to provide an equitable outcome for shareholders to limit dilution in consideration of their shareholding at the Closing Date and, for applications from Custodians, at the record date of 5.00pm (AWST) on 17 June 2025 (Record Date). Contact: Justin Tremain Managing Director Tel: +61 8 9480 0402 Fax: +61 8 9380 6761 (C) 2025 Electronic News Publishing, source ENP Newswire