Agrimin, Marindi raise funds

Local junior miners Marindi Metals and Agrimin have announced plans to raise a combined $5.5 million to fund ongoing work at their respective projects.

Marindi told the market today it had raised $2.03 million through the placement of 203 million shares at 1 cent each to existing and new sophisticated and professional investors.

The company also plans to raise a further $1 million by way of a share purchase plan at the same price.

Marindi chairman Ross Ashton has subscribed for 12 million shares in the placement.

The proceeds of the raising will be used to fund ongoing exploration at Marindi’s flagship Newman base metals project, as well as early exploration work at its Caranbirini lead-zinc project in the Northern Territory, and at its Forrestania lithium project in Western Australia.

“Together with the proceeds of the share purchase plan, this raising puts Marindi in a very strong position to increase the pace of exploration at the Newman project and to add value through targeted exploration at the Caranbirini project and the Forrestania project,” Marindi managing director Joe Treacy said in a statement.

Argonaut acted as lead manager to the placement.

Meanwhile, local explorer Agrimin has tapped investors for a $2.5 million capital raising to fund exploration and development work at its Mackay sulphate of potash project, located west of Alice Springs on the border of WA.

The funds were raised through the placement of 16.8 million shares at 15 cents each.

Euroz Securities acted as lead manager to the raising.

Marindi shares were 16.6 per cent lower to 1 cent each at the close of trade.