Toubani Resources (ASX:TRE) completed a fully underwritten institutional entitlement offer, raising around AU$52 million, before costs, from the issue of around 172 million new shares at the offer price, according to a Wednesday Australian bourse filing.

The institutional offer was part of its one-for-3.27 accelerated pro-rata non-renounceable entitlement offer of new fully paid ordinary shares, at a fixed price of AU$0.30 per share.

Its major shareholder, Eagle Eye Asset Holdings, and supportive shareholder, Helikon Investments, both committed to take up their full entitlements in the institutional entitlement offer.

Its shares fell 11% in recent trading on Wednesday.