Toro raises millions for WA’s first uranium mine

Uranium mining hopeful Toro Energy has added $3.9 million to its bank balance after a recent capital raising program.

The money was raised at $0.08 per share, and the company said the initiative attracted “overwhelming shareholder support”.

Toro has now attracted over $20 million since October to deliver what it says will be a three-year cash-in-bank cushion.

“Toro is pleased to advise the market of this demonstration of ongoing support from our shareholders,” the company’s managing director Dr Vanessa Guthrie said.

The cash will be used to continue to development of the Wiluna uranium project which will be the first uranium mine in Western Australia.

Toro also said it would help boost work at its uranium exploration portfolio elsewhere in WA and the North Territory.

The company estimates a December 2014 year end cash balance of $24 million.

The Wiluna mine will process 1.3 million tonnes of ore annually, and produce around 820 tonnes of uranium oxide concentrate.

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