UPDATE 11.50am: Toro Energy says it has secured $10 million in new funding from a South African fund manager via an equity subscription agreement.
RealFin Capital Partners will initially invest $5 million in three tranches with the option of another $5 million equity subscription before July 1 next year.
The first tranche of shares will be priced at 7.3 cents with the balance of tranches priced at a 10 per cent discount to the prevailing trading price of Toro at the time.
Toro managing director Dr Vanessa Guthrie said the subscription agreement provided further funding certainty for Toro as it looked towards a busy 2014 work program.
Realfin chief executive Steve Doidge said his company saw significant opportunities in the resource sector, particularly uranium.
Toro is looking to develop its flagship Wiluna and nearby Maitland uranium project, which could become the first operating uranium mine in WA.
Shares in the company closed flat at 7.8 cents.