Tolu Minerals raises A$8.8 million to boost exploration at Tolukuma Gold Mine

Tolu Minerals raises A$8.8 million to boost exploration at Tolukuma Gold Mine

Tolu Minerals Ltd (ASX:TOK) managing director and CEO Iain Macpherson sits down with Jonathan Jackson in the Proactive studio after the company raised A$8.8 million through the issuance of approximately 17.6 million new shares at A$0.50 each, receiving robust interest from existing and new institutional shareholders. This placement aims to significantly accelerate exploration activities at the Tolukuma Gold Mine, with the funds earmarked for an airborne magneto telluric survey, follow-up drilling, exploration support activities and general working capital.

The enthusiastic response during the bookbuild reflects strong market confidence in Tolu Minerals’ strategic direction. Macpherson and non-executive director Larry Andagali have made firm commitments to the placement, pending shareholder approval. Moreover, in response to the demand, two seed investors are selling 4.6 million shares at the placement price in a concurrent selldown.

Macpherson expressed satisfaction with the outcome, emphasising the alignment with Tolu’s strategy to leverage existing infrastructure at Tolukuma to develop significant resources. This capital boost will advance Tolu’s exploration capabilities substantially, enabling earlier and more effective implementation of their operational and development strategies at the historic gold mine including building a very large gold/silver/copper MRE and ultimately returning the mine to production.

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