TOK - Tolu Minerals

[System]

Tolu Minerals Limited (formerly known as Lole Mining Ltd) was incorporated in PNG as a public company under the Companies Act 1997 (PNG) (Companies Act) on 19 March 2020. Tolu was registered in Australia with ASIC as a foreign registered company on 28 March 2022.

On 3 October 2022, Tolu successfully completed the 100% acquisition and registration of the Tolukuma Gold Mine in PNG along with its associated assets and mine infrastructure (Tolukuma Project).

The Tolukuma Project currently includes one mining licence and six exploration licences surrounding the Tolukuma Gold Mine providing a dominant landholding of 1,252km2 across the highly productive Tolukuma gold structure. Tolu also has the exploration licence application (ELA 2780), known as the Ipi River Prospect (423km2), in the Tolukuma area.

On completion of the acquisition of the 118km2 EL 2531 (described below), Tolu will hold some 1,370km2 across the Tolukuma structure.The Company has also secured the Mt Penck copper/gold exploration licence, EL 2662 (Mt Penck Tenement) (204km2), which is located on the island of New Britain.

TOK is scheduled to list on the ASX on 10 November 2023.

Home | Tolu Minerals

Tolu Mining has a highly regarded mining and corporate team with decades of exploration, mining, and mine restart experience.

toluminerals.com

 

[Dona Ferentes]

Listing date	10 November 2023 ; 12:00 PM AEDT ##
Company contact details	https://toluminerals.com/ Ph: 1800 218 694
Principal Activities	Mining exploration
Issue Price	AUD 0.50
Issue Type	Ordinary Fully Paid Shares
Security code	TOK
Capital to be Raised	$15,000,000
Expected offer close date	15 September 2023
Underwriter	Not underwritten. Blue Ocean Equities Pty Ltd and Martin Place Securities Pty Ltd (Joint Lead Managers).

 

[Dona Ferentes]

gets a tick

raised $17.5m in the end

HIGHLIGHTS:
• Completion of initial public offering on the ASX and subsequent quotation on the OTCQX Market in the USA
• Commencement of activities in support of exploration
• Completion of two exploration programs with a third currently being mobilised
• Determination of initial near and on mine exploration target
• Appointment of Airborne Magneto Telluric survey contractor
• Commencement of activities to refurbish Tolukuma towards operating capability
• Ordering and delivery of essential equipment including new drilling rig
• Successful recruitment of key management and operational staff
• Solid progress on roadway construction since commencement in early December
• Identification of underground resource to be processed in “bulk sampling” activities.

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since listing