Toubani Resources (ASX:TRE) has raised $10 million through receiving binding commitments for a two-tranche placement, which will help advance the Kobada Gold Project in Mali. Tranche one of the placement, raising $7.2 million, comprises the issue of 42.2 million shares at $0.17 per new share. Tranche one is expected to settle on 27 August 2024, with shares expected to be issued the following day. Under the second tranche, 16.6 million shares, subject to shareholder approval, will be issued, aimed at raising $2.8 million. The general meeting to obtain shareholder approval is expected to take place in October 2024. The offer price of $0.17 represents a 5.6% discount to the last traded price of $0.18 and a 10.1% discount to the 10-day volume weighted average price. Canaccord Genuity and Wallabi Group acted as joint lead managers and bookrunners to the placement, while Euroz Hartleys acted as co-manager to the placement.