Black Fire, Australian Mines raising capital

13/08/2014 - 12:12

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Black Fire Minerals has completed an $810,000 share placement to complete its reverse takeover of mobile game developer Animoca Brands Corporation.

Black Fire, Australian Mines raising capital
Black Fire's diamond rig in an open-pit mine at Pilot Mountain tungsten project in Nevada.

Black Fire Minerals has completed an $810,000 share placement to complete its reverse takeover of mobile game developer Animoca Brands Corporation.

Animoca is one of the top 50 developers in the world according to Pocket Gamer, and has licences for brands such as Garfield and Ben 10.

Taylor Collison managed the placement to sophisticated and professional investors.

The reverse takeover was valued at $US5 million, and the company has already planned to divest its Pilot Mountain tungsten project in Nevada to Thor Mining.

Also today, Australian Mines announced a one-for-five entitlement offer of nearly $1.5 million to fund drilling at its Simmons nickel prospect.

The Simmons site is located in the Pilbara, 55 kilometres north-east of Sandfire Resources’ DeGrussa copper mine, and is part of the company’s Marymia project.

The raising is underwritten by Terrain Capital Markets, and will help reinforce the company’s strong balance sheet of $1.7 million cash and no debt.

Managing director Benjamin Bell said the project was a robust exploration opportunity.

“We are very encouraged by the initial results received from the Marymia nickel-copper-gold project,” Mr Bell said.

Australian Mines was down 6.25 per cent to 1.5 cents per share at the time of writing, while Black Fire was unchanged at 2 cents.

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