Toro Energy completed a capital raising totalling A$61m through placements to institutional and sophisticated investors (including OZ Minerals) and a share purchase plan (SPP). This involved the issuing of 404,178,881 Toro shares at A$0.15 per share, with shareholder approval gained for these initiatives. The proceeds are being used by Toro to advance its Wiluna project in Western Australia through a bankable feasibility study (BFS), the environmental approvals process under both State and Federal Governments, project consolidation opportunities and other key exploration projects.
Toro Energy acquired two additional uranium prospective exploration tenements at Wiluna in Western Australia and associated technical databases from Rhodes Resources Pty Ltd, a wholly-owned subsidiary of the Liberty Resources Ltd. The acquisition price of A$1.0 million was satisfied by the issuance to Liberty of 5 million ordinary Toro shares at A$0.20 per share. Liberty intends to maintain focus on its Underground Coal Gasification projects in Queensland.
The acquisition covers the footprint of the “Firestrike” uranium discovery and along-strike potential extensions in the near vicinity of Toro’s nearby Wiluna Uranium Project. It takes to four the number of uranium projects now marshalled by Toro under its uranium growth strategy in Western Australia.
At the end of the December 2009 quarter, the Company held cash and net receivables of A$61.9 million.