Black Mountain, Torian together raise $9.6m

Perth-based precious metals companies Black Mountain Resources and Torian Resources both announced capital raisings today.

Silver miner Black Mountain Resources will undertake a $6.87 million capital raising by way of a fully underwritten, pro rata, renounceable entitlement issue.

Shareholders will have the ability to purchase five shares for every existing share held, at a heavily discounted price of 1 cent a share.

The capital raising comes as part of a debt restructure announced by the company on July 29.

Funds will be used to repay major creditors and fund working capital for the company’s Conjecture silver project in Idaho.

Black Mountain shares were down 9.5 per cent to 1.9 cents a share at the close of trade.

Gold explorer Torian Resources announced the successful completion of a $2.7 million placement to sophisticated investors.

The placement, which was managed by CPS Capital, was made at an issue price of 19.17 cents a share.

Capital raised will be used by Torian to progress its exploration program at its Zuleika joint venture and Mt Stirling projects.

Torian will also use the funds to pursue its land acquisition strategy.

The company says that it has increased its Goldfields landholding by 50 per cent since May, and claims to now be the third largest landholder in the region.

At the close of trade today Torian shares were up 9.3 per cent to 23.5 cents a share.