Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Toro Energy Banks $8M From Macquarie Bank 0 comments
    Mar 6, 2013 4:58 PM

    WA-focused uranium developer, Toro Energy (ASX:TOE) has received $8 million from the drawdown of the first tranche of a $12 million convertible debt facility with Macquarie Bank.

    A further tranche of $4 million is available to be drawn down until 30 June 2013, subject to Federal Government environmental approval for the Wiluna uranium project in Western Australia.

    Macquarie Bank has been issued 42,253,521 three year options in Toro at an exercise price of $0.142 per option as part of the first tranche.

    Managing director

    Recently, Dr Vanessa Guthrie was appointed as managing director of Toro in 8 February 2013 as part of a planned succession.

    Regulatory approval process

    In October Toro received the WA Government environmental approval for the Wiluna Uranium Project, completing the State Ministerial approval process.

    Toro was advised of a further extension of time for the Federal Government approval. The Federal Environment Minister has requested further information on some of the environmental aspects of the Project.

    The Minister has extended the time to 31 March although he hopes to make a decision well in advance of that date. Toro has determined it can meet the information requirements.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.