22/07/2016 - 15:32

Collective $37m in WA capital raisings

22/07/2016 - 15:32

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Six listed resources companies operating in commodities as diverse as gold, lithium and iron ore have announced a collective $36.9m in capital raisings today.

Collective $37m in WA capital raisings

Six listed resources companies operating in commodities as diverse as gold, lithium and iron ore have announced a collective $36.9 million in capital raisings.

Prospect Resources today announced it has lifted the initial commitment received two days ago of $14 million to a new total of $16 million, to fund existing gold and lithium projects as well as new acquisitions within the lithium, cobalt and graphite sectors.

Firm commitments from clients of DJ Carmichael raised the additional $2 million via the issue of 40 million shares at 5 cents per share.

Gold producer Kingsrose Mining raised $8.5 million under a two-tranche share placement of 71 million shares at 12 cents per share, led by Bell Potter Securities.

Proceeds will support underground exploration, reduce costs and fund the completion of an external haulage shaft to access extensive high-grade ore at its Talang Santo mine in Indonesia.

Pioneer Resources received $4.8 million of commitments to fund the commencement of its lithium-focused projects in Western Australia and Ontario.

Sanlam Private Wealth led the placement of 90.8 million fully paid ordinary shares at 3.6 cents per share, which raised $3.27 million and with a share purchase plan of 42.2 million shares also at 36 cents per share that raised $1.52 million.

Iron-ore miner NSL Consolidated announced it had secured commitments totalling $3.4 million and Sanlam Private Wealth led the placement of 170 million shares at 2 cents each.

NSL managing director Cedric Goode said funds would accelerate expansion of production as well as providing flexibly to repay debt and complete the pending commissions and operation of its Phase Two wet beneficiation plant in India.  

“The company continues its progression by attracting institutional investors to the register in support of our business, as the only foreign company to own and operate iron ore mines in India, and one of the very few listed companies with exposure to the Indian growth opportunity,” he said.

Thundelarra has completed a placement led by Patersons Securities that raised $2.5 million by the issue of 50 million shares at 5 cents each.

This was in addition to a recent share purchase plan, announced on July 6, that raised $1.8 million via 36.18 million shares at 5 cents each.  

The combined $4.3 million will fund follow-up drilling programs at both its Red Bore and Garden Gully projects in WA’s Mid West.

Sydney-based company Bligh Resources has appointed well-known WA mining executive Jerome G Vitale as managing director subject to completing the second tranche of a $1.7 million share placement announced today.

Following completion of the capital raising lead by Somers & Partners, the company will accelerate exploration opportunities close to its Bundarra gold project near Lenora in WA.

The first placement tranche comprises 7.9 million shares to raise $200,000 where the second tranche of 50 million shares, both at 2.5 cents per share.

 

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