Australia's Tolu Minerals jumps on raising funds to develop PNG mine

Tolu Minerals

19/04/2024 04:23

** Gold-silver explorer Tolu Minerals Ltd  TOK.AX  rise as
much as 4.4% to A$0.60, logging their biggest intraday pct jump
since April 4
    ** Announces issue of about 16.7 mln new shares at A$0.50
per share, raising A$8.4 mln ($5.35 mln)
    ** Placement issue price is at a discount of 13% to its last
close of A$0.575
    ** TOK to raise another aggregate A$450,000 via issue to
managing director and a non-executive director
    ** Funds raised to be used to speed up exploration
activities at its Tolukuma gold mine in Papua New Guinea
    ** About 4.6 mln shares change hands vs the 30-day average
of around 12,000 shares
    ** Including today's gains, TOK up 20% so far this year


($1 = 1.5711 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))