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Toro Energy Banks $8M From Macquarie Bank

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.

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