Toubani Raises Approximately A$70 Million in Retail Share Offer
Toubani Resources has successfully closed the retail tranche of its fully underwritten entitlement offer, securing approximately A$70 million to support its Kobada Gold Project development.
- Retail entitlement offer raises about A$70 million
- Approximately 61 million shortfall shares allocated to underwriter
- New shares to be allotted on 10 August and trade from 11 August
- Funds underpin advancement of Kobada Gold Project in Mali
Retail Entitlement Offer Closes with Strong Capital Injection
Toubani Resources (ASX:TRE) has wrapped up the retail segment of its accelerated 1-for-3.27 pro rata entitlement offer, raising approximately A$70 million before costs. This forms part of a fully underwritten capital raise aimed at funding the development of the Kobada Gold Project in Mali, an oxide-dominant gold deposit that the company is advancing towards production.
Despite the strong take-up, around 60.96 million new shares went unclaimed in the retail offer. These shortfall shares have been allocated according to the company’s pre-announced shortfall policy, with a significant portion assigned to Canaccord Genuity (Australia) Limited, the underwriter for the entitlement offer.
Share Allotment and Trading Timeline
The new shares subscribed for during the retail offer, alongside the shortfall shares, are scheduled for allotment on Monday, 10 August 2026. Trading of these shares on the ASX is expected to commence the following day, Tuesday, 11 August 2026. Importantly, these shares will rank equally with the existing ordinary shares on issue, preserving shareholder rights.
Capital Raise Supports Project Development Milestones
This capital injection complements earlier funding efforts, including a US$208 million financing package combining a gold streaming deal and prior equity raises. The proceeds from this entitlement offer are intended to bolster the construction and development activities at Kobada, which is progressing towards first gold production targeted in Q3 2027. With key infrastructure such as the process plant and water storage dam advancing, this latest raise helps maintain momentum on the project’s critical path.
Managing Director Phil Russo emphasised the company’s commitment to advancing Kobada, highlighting the experienced management team’s track record in African gold projects. While the announcement refrains from detailing the precise allocation of funds, the raise clearly strengthens Toubani’s balance sheet as it moves deeper into the construction phase.
Bottom Line?
The completion of this retail entitlement offer solidifies Toubani’s funding base, but investors will be watching how efficiently the company deploys this capital to meet its development milestones at Kobada.
Questions in the middle?
- How will the shortfall share allocation to the underwriter affect future share liquidity?
- What are the detailed plans for deploying the A$70 million raised in the retail offer?
- Can Toubani maintain its construction schedule to meet the Q3 2027 production target?
