Junior Turaco Gold has announced plans to raise A$3.75-million through an equity raise to fund exploration at its projects in Cote d’Ivoire.

The ASX-listed company on Thursday said it had received binding commitments for the placement of 75-million shares at a price of 5c each, representing a 4% discount to its last trading price and a 16% discount to its ten-day volume weighted average share price.

“This capital raising will allow for the continued exploration of our exciting projects in Cote d’Ivoire, in particular at the Eburnea, Odienne and Ferke projects,” said MD Justin Tremain.

“Combined with an existing cash position of A$2.5-million, the A$3.75-million raised places Turaco in a strong financial position to continue to fund exploration success at all of Turaco’s projects in Cote d’Ivoire.

“Strong demand for the placement has also facilitated the market crossing of approximately 16.3-million held by an institutional fund that is being wound up, removing a market overhang,” said Tremain.

The shares will be issued under the company’s existing placement capacity, and will not require shareholder approval.