Ann: Toro announces Share Purchase Plan, page-22

If price of U keeps ticking up then this SPP could be a real opportunity for eligible shareholders.

Back in January 2018 when spot U was trading at the price it reached last night, TOE was trading at around 0.04-0.045. The only thing that has TOE currently pegged down here at around 0.026 is that U has traded lower and lower between late January to early May 2018 and the market was aware that a capital raise was needed and was coming, with that capital raise now in play at the 12 month trading low of 0.025.

As the effect of the SPP is no real dilution to those shareholders that take up their entitlement, but just more shares being on issue, then there is serious potential for a large spike in share price based on the price of U alone. To get back to 0.04 (which is the price shares traded in January 2018 when price of U is equal to the price U hit last night) is a 60% increase from 0.025. As to the discount on that price due to more shares being on offer, then assuming that new shares are issued in an amount equal to 15% of all shares currently on issue, the total of all current and new shares equates to a price per share of 0.034 (or about 37% increase in price from 0.025) . Those share price calculations do not even take into account the new cash injection that the company will receive from the SPP.

Add to all this the potential bonus from any positive gold news and this stock offers an attractive opportunity at the current price. This all depends, however, on price of U holding its recent gains and continuing upwards. If it does then I will certainly be taking up my entitlements in the SPP.