Turaco Gold (ASX:TCG) received firm commitments to raise around AU$60 million through the issue of 135.6 million shares at AU$0.44 each to international and domestic institutional investors, according to a Wednesday filing with the Australian bourse.

The issue price represents a 9.3% discount to the last close price on June 13, the filing said.

The company also intends to undertake a share purchase plan to raise up to AU$4 million, where eligible shareholders may purchase up to AU$30,000 worth of fully paid ordinary shares at the same issue price, the filing added.

Proceeds will fund expanded drilling, advance feasibility work, cover working capital, and offer costs.

Canaccord Genuity (Australia) was the global coordinator, joint lead manager, and joint bookrunner for the placement, with Argonaut Securities as joint lead manager and joint bookrunner, SCP Resource Finance as joint lead manager, and Morgans Corporate as co-manager.