Toubani digs for $6.5m, targets November ASX listing
Fosters Stockbroking and Canaccord Genuity are raising up to $6.5m for Toubani Resources, with the West Africa gold explorer set to list on the ASX on November 16.
The company is focused on developing the Kobada project in southern Mali.
The raising would give Toubani a market capitalisation of $19.9m.
According to the term sheet circulated on Wednesday, the issue would include 27.5 million CDIs at a price of 20c – in total $5.5m. The company, led by former Glencore head of African copper operations Danny Callow, can accept up to $1m in additional CDIs, the document notes. An earlier prospectus lodged with the corporate regulator in September had an indicative listing date of October 24.
The investor documents say the Kobada project – with a mineral ore reserve of 1.2Moz at 0.9g/t – had already had a definitive feasibility study completed.
Funds are expected to go towards understanding the extent of the Kobada project’s gold mineralisation, delivering an updated mineral resource estimate, and advancing permitting of the Kobada project with mine development planning.
Fosters has been appointed as co-lead manager and Canaccord Genuity was appointed to act as lead manager and bookrunner. The bookbuild closes on Friday.
Australia’s ‘best beach’ not one for the faint hearted
Tourism Australia has travelled a long way south to pick the nation’s best beach for 2025, bestowing the title on not just one but a series of them.
Arrogant Big Super opts out of decency
Thousands of Rest Super members wrongly slugged for insurance have been told they need to get in contact if they don’t want to keep paying the fees turned on by ‘accident’ months ago.