Turaco Gold (ASX:TCG) is set to raise AU$35 million via the placement of about 112.9 million shares priced at AU$0.31 apiece, according to a Friday filing with the Australian Securities Exchange.

In tranche one, 72.4 million shares will be issued, while the remaining 40.5 million shares will be issued in tranche two, subject to shareholder approval, the filing said.

Proceeds will be used for advancing resource growth and drilling at the Afema project in the Ivory Coast, according to the filing.

Argonaut Securities and Canaccord Genuity (Australia) were the joint lead managers and book runners for the placement.

Shares of Turaco Gold fell 4% in afternoon trade.

Price (AUD): $0.35, Change: $-0.015, Percent Change: -4.17%