Toro Energy Limited - Announces Share Purchase Plan
Sydney, Australia (ABN Newswire) - The Toro Energy Limited (ASX: TOE) Board is pleased to offer its eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP).
The SPP entitles eligible shareholders the opportunity to purchase up to A$15,000 worth of fully paid ordinary shares in the Company at an issue price of A$0.08 per share, free from all brokerage and commissions. Funds will be applied to further drilling and project advancement work at Theseus, Wiluna resource and brownfields development and ongoing working capital requirements.
Toro Energy?s Managing Director, Greg Hall said: 'Toro is continuing to advance its Wiluna Uranium Project through WA and Federal Government approvals, and anticipates Government decisions by approximately mid-2012. This will make Toro?s Wiluna Project one of the only independently-owned uranium projects around the world to advance to this stage. The WA Government continues to support uranium development, and recently the WA Opposition Leader has stated that if a Labor Government was elected they would allow previously approved uranium mines to continue development.'
Mr Hall added, 'The continued drilling and project advancement of the exciting new Theseus Project is expected to allow the definition of a JORC compliant resource during the year, and will potentially provide Toro with a further pipeline uranium project.'
SPP documents, being the 'Share Purchase Plan Terms and Conditions', will be mailed to eligible shareholders on or about 15 February 2012.
In continuing to advance its Wiluna Project, Toro has been engaged in discussions with a number of Asian-based investor groups interested in entering into a strategic partnership with Toro, through a cornerstone equity investment or joint venture development of the Wiluna Uranium Project. Discussions are particularly advanced with two potential investors. Negotiations regarding the investment at this stage are incomplete and inconclusive and may, if successful, take further time to complete. These negotiations will continue and the market will be updated again in due course.
For the full details of the SPP, please visit:
About Toro Energy Limited:
Toro Energy Limited (ASX:TOE) is a modern Australian uranium company with progressive project development, acquisition and growth. The Company is based in Adelaide, South Australia with a project office in Perth, Western Australia.
Toro's flagship and wholly-owned Wiluna uranium project (includes existing mining lease) is 30 kilometres southeast of Wiluna in Central Western Australia.
Wiluna contains two shallow calcrete deposits, Lake Way and Centipede, with prefeasibility and optimisation studies completed and a definitive feasibility study underway. Toro has commenced the Approvals process targeting the Company's first uranium production by late 2013.
Toro has three other exploration and development projects in Western Australia, and owns uranium assets in the Northern Territory, South Australia and in Namibia, Africa.
Toro Energy Limited