TRE
Toubani Resources Limited
ASX
Options Terms and Conditions
Sentiment:
Option Terms and Conditions
20 September 2024 4:31 AM
Toubani Resources Limited has outlined the terms and conditions for its options, including a $0.25 exercise price, a three-year expiry date, and provisions for adjustments in case of bonus or rights issues.
Delay expected
Share issuance may be delayed up to five business days pending receipt of exercise notice, payment, and compliance with the Corporations Act.
Summary
- Each option allows the holder to buy one fully paid ordinary share in Toubani Resources Limited.
- The exercise price for each option is $0.25.
- The options expire at 5:00 pm (AWST) three years from the issue date.
- Options can be exercised anytime before the expiry date.
- Exercise requires written notice to the company and payment of the exercise price.
- Shares issued upon exercise rank equally with existing shares and are free of encumbrances.
- Shares will be issued within five business days of receiving the notice and payment, subject to certain conditions related to the Corporations Act 2001.
- The company will apply for official quotation of the issued shares on the ASX.
- Option holders are not entitled to shareholder voting rights, dividends, or participation in new share issues until the options are exercised.
- Adjustments to the number of shares or exercise price will be made in case of bonus or rights issues, according to specified formulas.
- The options are not transferable.
- Payment must be made by Australian currency cheque payable to the company and lodged at the company's share registry.
Sentiment
Score: 5
Explanation: Neutral sentiment. The document presents factual information regarding option terms and conditions without expressing positive or negative opinions.
Highlights
- Exercise price of $0.25 per option.
- Options expire three years from the issue date.
- Shares issued within five business days of exercise, subject to Corporations Act compliance.
- Options are not transferable.
Positives
- Clear and concise terms and conditions for option exercise.
- Straightforward process for exercising options and receiving shares.
- Provisions for adjustments to account for bonus and rights issues.
- Shares issued upon exercise will rank equally with existing shares.
Negatives
- Option holders do not have shareholder rights until options are exercised.
- Complex formulas for adjustments in case of bonus or rights issues.
Risks
- Potential delays in share issuance due to Corporations Act compliance requirements.
- Complexity of the adjustment formulas for bonus and rights issues could lead to errors or disputes.
Future Outlook
The company will apply for official quotation of the shares issued upon exercise of the options on the ASX.
Industry Context
This document outlines standard terms and conditions for share options, common in the resources sector. The specific details regarding adjustments for bonus and rights issues are typical but require careful review by investors.
Next Steps
- Exercise of options by holders.
- Issuance of shares by the company.
- Application for official quotation of shares on ASX.
Key Dates
- Three years from the date of issue: Expiry date of the options
- Within five Business Days after receipt of Notice of Exercise and payment: Share issuance timeline
Keywords
options, shares, exercise price, expiry date, Toubani Resources, ASX, Corporations Act, bonus issue, rights issue
TRE
Toubani Resources Limited
ASX
Sector: Materials
Filings with Classifications
Capital raise
30 April 2025 2:40 AM
Quarterly Activities Report
- Toubani announced it had received rm commitments to raise A$29 million in a two-tranche placement.
- The placement includes a ~A$15.2m transformational investment by A2MP Investments DMCC (A2MP) a wholly owned subsidiary of Eagle Eye Asset Holdings Pte Ltd. (EEA), (a single-family oce based in Singapore) and supported by the African Export-Import Bank (Afreximbank), one of Africas most prominent multilateral nancial institutions ('Strategic Investment').
- A2MP and Toubani have also executed a non-binding, non-exclusive debt commitment letter for A2MP to provide Toubani with a minimum US$160m debt facility as part of its ongoing debt nancing process.
Capital raise
30 April 2025 2:28 AM
Notice of Annual General Meeting
- The company is seeking approval for a 10% Placement Facility, which would allow them to issue up to 10% of their issued capital in Equity Securities.
- The funds raised from this facility could be used for continued exploration and development activities and/or for general working capital.
Capital raise
29 April 2025 7:33 PM
Capital Raising Announcement
- Toubani Resources is undertaking a two-tranche placement to raise A$29 million.
- The company directors intend to subscribe for an additional A$290,000 subject to shareholder approval.
- A2MP may participate in future capital raisings, subject to negotiation and shareholder approval.
Capital raise
27 April 2025 7:50 PM
Trading Halt Request
- The company intends to make an announcement regarding a proposed strategic partnership and accompanying capital raising.
Capital raise
26 March 2025 1:53 AM
Annual Report
- The company requires additional financing to carry out its exploration and development activities.
- The company is actively strengthening an already impressive asset, reducing uncertainties, and bolstering its readiness for the next steps.
Better than expected
27 January 2025 5:51 PM
Investor Presentation
- The project's low AISC of US$1,004/oz is better than many of its peers.
- The project's rapid payback period of 1.5 years is better than many other gold development projects.
- The project's low initial capital expenditure of US$216 million is better than many other gold development projects of similar scale.
Capital raise
27 January 2025 5:51 PM
Investor Presentation
- The company has appointed Endeavour Financial to lead project financing workstream.
- The company is in discussions with the Mali Government to secure the long-term future of the Kobada Gold Project.
Better than expected
27 January 2025 5:41 PM
Quarterly Activities Report
- The Definitive Feasibility Study results exceeded expectations with a high NPV, IRR, and low payback period.
- The project's low capital intensity and competitive operating costs position it favorably compared to industry standards.
Better than expected
30 October 2024 6:05 PM
Feasibility Study
- The project's financial metrics, including NPV, IRR, and payback period, significantly exceeded expectations.
Capital raise
30 October 2024 6:05 PM
Feasibility Study
- The company will need to raise capital to fund the project's development, construction, commissioning, and operation.
Better than expected
30 October 2024 6:00 PM
Feasibility Study
- The results of the Definitive Feasibility Study were better than expected due to significantly higher than anticipated post-tax NPV and IRR, driven by a combination of higher gold prices and lower than anticipated operating costs.
Delay expected
20 September 2024 4:31 AM
Option Terms and Conditions
- Share issuance may be delayed up to five business days pending receipt of exercise notice, payment, and compliance with the Corporations Act.
Capital raise
8 September 2024 7:18 PM
Investor Presentation
- Tranche 1 & 2 of a placement announced on 21 August 2024, with Tranche 2 subject to shareholder approval in October 2024.
Capital raise
29 July 2024 7:03 PM
Quarterly Activities Report
- The company has less than 2 quarters of cash available for future operating activities.
- The company will need to raise further cash to fund its operations.
Better than expected
29 July 2024 7:03 PM
Quarterly Activities Report
- The company increased the Kobada Mineral Resource Estimate to 2.0Moz in the Indicated category, a 30% increase from the 2023 MRE.
Delay expected
8 July 2024 7:04 PM
Missing type for ID: 4236
- ASX:TRE announces a delay.
Better than expected
1 July 2024 7:09 PM
Mineral Resource Estimate Update
- The 2024 MRE exceeded the Company's expectations in ounces converted and increases in grade.
Capital raise
31 May 2024 2:53 AM
AGM Results
- The company has approval for a 10% placement facility, which allows them to raise capital by issuing new shares.
Better than expected
21 May 2024 7:10 PM
Exploration Update
- The drilling results are better than expected due to the high-grade and wide intersections across multiple areas of the deposit.
Better than expected
29 April 2024 9:32 PM
Quarterly Activities Report
- The initial drill results show numerous near-surface, high-grade oxide intersections, which are better than expected.
Worse than expected
29 April 2024 8:18 PM
Annual Results
- The company reported a loss of $6,625,026, which is worse than the previous year's loss of $5,136,694.
Capital raise
29 April 2024 6:10 PM
Notice of Annual General Meeting
- The company is seeking approval for a 10% Placement Facility, which would allow it to issue equity securities up to 10% of its issued share capital over a 12-month period.
- The funds raised from the potential issue of Equity Securities under the 10% Placement Facility would be used towards continued exploration and development activities and for general working capital.
Capital raise
23 April 2024 7:20 PM
Trading Halt Request
- The company intends to make an announcement regarding a proposed capital raising.
Better than expected
21 April 2024 6:55 PM
Exploration Update
- The document contains better than expected results due to the high-grade gold intercepts reported from the Kobada Gold Project.
Better than expected
10 April 2024 6:22 PM
Exploration Update
- The drilling results are better than expected due to the high-grade and near-surface oxide mineralization encountered.
Worse than expected
25 March 2024 6:05 PM
Annual Results
- The company's net loss increased from the previous year, indicating a worsening financial performance.
Capital raise
25 March 2024 6:05 PM
Annual Results
- The Company has finite financial resources and no current cash flow from producing assets and therefore requires additional financing in order to carry out its exploration and development activities.
- There can be no assurance that any such funding will be available to the Company on favourable terms or at all.
Disclaimer: This summary was generated by artificial intelligence and its accuracy is not guaranteed. The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.