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Tolu Minerals Issues AU$23.8 Million of Convertible Notes; Secures Diesel for Papua New Guinea Mine

-- Tolu Minerals (ASX:TOK) has issued about AU$23.8 million worth of convertible notes to Petrosea Services Solutions, according to a Thursday filing with the Australian bourse.

Petrosea agreed to subscribe for around 14.6 million new ordinary shares in Tolu at a price of AU$1.625 each via the execution of the convertible notes, per the filing.

Additionally, Tolu said it recently secured 600,000 liters of diesel as part of a fuel security strategy to support operations at its Tolukuma gold mine in Papua New Guinea. The company is working to boost diesel reserves at the mine by a further 120,000 liters, with plans to build and maintain an expected 30-day supply reserve at the location.

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