Tolu Minerals Ltd has secured firm commitments to raise A$27.25 million through a placement to sophisticated and institutional investors, priced at A$0.80 per share.
The capital raising attracted strong demand from both domestic and international investors, including participation from new and existing institutional and sophisticated shareholders.
Proceeds from the placement will support a wide-ranging exploration program targeting areas within and surrounding the Tolukuma Gold Mine, as well as regional prospects. The upcoming exploration campaign will build on the findings of a recent Airborne Magneto Telluric survey, which identified multiple zones of interest.
In addition to exploration, the funds will be used to refurbish and develop infrastructure at the Tolukuma Gold Mine. This includes upgrades to the tailings management facility, acquisition of mining equipment, and refurbishment of the existing carbon-in-leach (CIL) gold processing plant.
Remaining funds will be allocated to working capital requirements and costs associated with completing the placement.
This successful capital raise allows Tolu to accelerate our exploration strategy and commission early gravity related gold production,” Tolu Minerals MD & CEO, Iain Macpherson said.
“The appointment of Dr Chris Muller, Tolu’s Head of Geology Exploration & Strategy will be instrumental in unlocking one of the most exciting geological regions of Papua New Guinea. Dr Muller has worked in PNG for over 20 years and led highly successful exploration efforts at K92 and Wafi Golpu.
“Tolu has also started a return to gravity related high grade gold production and is ready to commence a scalable build of gold processing.
“We remain grateful for the ongoing support of leading global and Papuan institutional investors and existing shareholders.”
About the Placement
TOK issued approximately 34.1 million new shares to sophisticated, professional and institutional investors.
The shares were issued at A$0.80 per share, representing a 9.6% discount to Tolu Minerals’ last traded price of A$0.885 on April 24, 2025. The placement price also reflects a 7.5% discount to the 5-day volume weighted average price (VWAP) of A$0.865 and a 6.2% discount to the 15-day VWAP of A$0.853.
