The Australian mining group Turaco Gold announced on Thursday, October 29, that it had received firm commitments for a raising of 120 million Australian dollars intended to consolidate its stake in the Afema gold project, in the southeast of C\u00f4te d\u2019Ivoire, and to finance preparatory work ahead of a potential investment decision.<\/p>\n
The operation involves the issuance of approximately 200 million shares at a unit price of 0.60 Australian dollars. An initial tranche of 97.1 million Australian dollars is unconditional, while a second tranche of 23 million must still be approved by shareholders at an extraordinary general meeting expected in early December.<\/p>\n
Turaco also plans a share purchase scheme of up to 10 million Australian dollars for eligible shareholders in Australia and New Zealand. The subscription period is scheduled to open on November 2 and close on November 16, according to the timeline provided by the company.<\/p>\n
The proceeds from the fundraising are intended, in particular, to finance the proposed buyout of the 20 percent still held by the Soci\u00e9t\u00e9 pour le d\u00e9veloppement minier de la C\u00f4te d\u2019Ivoire, as well as detailed studies, initial site work, and the continuation of exploration. However, the transaction is not yet complete and remains subject to several conditions.<\/p>\n
Turaco announced on October 27 that it had obtained an exclusive three-month option following the payment of 3 million US dollars non-refundable. If the option is exercised, the group will still have to pay 30 million US dollars and allocate 55.1 million shares as well as 36.7 million options to Sodim. The issuance of these securities must also be submitted to a shareholder vote.<\/p>\n
The company presents the operation as a means of increasing its economic stake to the entirety of the project, subject to the Ivorian State’s right to a free 10 percent participation. This mechanism intended for the State remains separate from the repurchase of Sodim’s share.<\/p>\n
Afema currently has a mineral resource reported at 4.65 million ounces of gold. A prefeasibility study published in June envisaged an average production exceeding 200,000 ounces per year for more than ten years, but Turaco has announced neither a final investment decision nor the start of construction.<\/p>\n
The placement price represents a discount of 12.4 percent compared to the closing price of 0.685 Australian dollars recorded on October 26. The company now aims to complete the definitive feasibility study in the second quarter of 2027, following the expected vote in early December on the second tranche of financing and the securities related to the buyback.<\/p>\n","protected":false},"excerpt":{"rendered":"
The financing is intended to support the proposed buyout of Sodim’s stake and the studies of the Ivorian gold project, but part of it remains subject to shareholder approval.<\/p>\n","protected":false},"author":38,"featured_media":532963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_trash_the_other_posts":false,"_benews_format":"","_benews_media_url":"","_benews_urgent_until":0,"_benews_essentials":"","_benews_format_auto":"","_benews_nl_alert":false,"_benews_premium":false,"editor_notices":[],"footnotes":""},"categories":[39],"tags":[],"pays":[133],"personnalite":[],"class_list":["post-532962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","pays-ivory-coast"],"acf":{"type_de_publication":"actualite","nom_de_linstitution":"","description_de_linstitution":""},"_links":{"self":[{"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/posts\/532962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/users\/38"}],"replies":[{"embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/comments?post=532962"}],"version-history":[{"count":1,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/posts\/532962\/revisions"}],"predecessor-version":[{"id":532964,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/posts\/532962\/revisions\/532964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/media\/532963"}],"wp:attachment":[{"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/media?parent=532962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/categories?post=532962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/tags?post=532962"},{"taxonomy":"pays","embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/pays?post=532962"},{"taxonomy":"personnalite","embeddable":true,"href":"https:\/\/benews.ci\/en\/wp-json\/wp\/v2\/personnalite?post=532962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}