03/09/2018 - 14:58

Corporate finance deals August 2018

03/09/2018 - 14:58

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Great Southern Mining has received commitments from sophisticated investors for the placement of 34 million shares at an issue price of $0.0375 a share to raise approximately $1.275 million.

 

Red Emperor, along with 88 Energy and Otto Energy, has executed formal “Definitive Agreements”, including a Participation Agreement, with Great Bear Petroleum Ventures II LLC to acquire the majority of Great Bear’s working interest in four leases on the western flank of the Alaska North Slope, specifically ADL#s 391718, 391719, 319720 & 391721; collectively the “Western Blocks”.

 

SUDA Pharmaceuticals, a leader in oro-mucosal drug delivery, is pleased to announce that the renounceable rights issue announced on 2 July 2018 closed on 26 July 2018 and has been well supported by the Company’s shareholders and new investors and closed heavily oversubscribed. The Company has raised $6.12m (before costs) and will issue 1,224,141,800 shares and 612,070,900 listed options in accordance with the Prospectus timetable. The new options will be listed under the ASX code SUDOC. Due to the overwhelming demand, the Company has agreed to place a further 133,675,200 fully paid ordinary shares at $0.005 and attaching 66,837,600 SUDOC options to raise an additional $668,376.

 

The Board of GBM Resources is pleased to announce that firm commitments have been received from professional and sophisticated investors and directors to raise approximately $900,000. The issue of approximately 140,000,000 fully paid ordinary shares at 0.5 cent per share will be completed pursuant to the Company’s 15% placement capacity under ASX Listing Rules 7.1 (approximately 54 million shares) and additional 10% placement capacity under ASX Listing Rule 7.1A (approximately 86 million shares). The balance of 40 million Placement Shares to be issued on the same terms to directors or their related parties is subject to shareholder approval. The settlement is expected to occur on or before the 14 August 2018 for the unrelated professional and sophisticated investors. The Company will seek approval at a general meeting of shareholders to allow directors or their related parties to participate in the Share Placement in the amount of up to $200,000. A notice of meeting will be dispatched to shareholders in due course. The issue price of 0.5 cents per Placement Share is the same as the issue price under the Share Purchase Plan which closed on 31 July 2018.

 

Beadell Resources is pleased to advise that it has received commitments and indications to raise approximately $11.8 million through the placement of approximately 218.3 million fully paid ordinary shares to international institutional and sophisticated investors. The Placement is expected to close on or about Tuesday, 14 August 2018. The Placement is being undertaken at an issue price of $0.054 per new Share and will be made within Beadell’s placement capacity under ASX listing rule 7.1.

 

Holista CollTech is pleased to advise that the Share Purchase Plan (SPP) which was announced on 26 June 2018 has closed. Under the SPP, each Eligible Shareholder was entitled to subscribe for up to $15,000 of new fully paid ordinary shares at an issue price of 7 cents per Share. The Company received applications for a total of 8,576,525 new Shares from Eligible Shareholders and has elected to accept all shareholder subscriptions. The Company further advises that an additional 31,423,475 new Shares will be taken up by the underwriters Dr Rajen Manicka and Mr Chan Heng Fai and their nominees. The issue of SPP Underwriting Shares was approved by shareholders at a General Meeting held on 30 July 2018. Dr Rajen Manicka and Mr Chan Heng Fai set off amounts payable to them by the Company of $362,661, and $75,710, respectively, against their Underwriting commitments.

 

Avenira is pleased to announce it has received firm commitments to raise $2.80 million through a placement of 139,999,999 fully paid ordinary shares at a price of $0.02 per share.

 

Black Star Petroleum advises that it has completed a placement to a sophisticated investor of 117,503,170 shares at $0.0012977 per share to raise $152,484.00.

 

Seafarms Group is pleased to announce that Nippon Suisan Kaisha Limited’s equity investment in Seafarms shares at 10 cents per share to raise $24.99m is now complete. As previously announced on 23 May 2018, this equity capital raising was part of an extensive agreement with Nissui which included a significant black tiger prawn offtake arrangement for both Seafarms’ existing Queensland operations as well as the proposed Project Sea Dragon.

 

Amani Gold is pleased to announce that it has received firm commitment from an investor to issue 116,666,667 fully paid ordinary shares at a price of $0.015 each to raise $1.75M. In addition, the Company has agreed to issue convertible notes with a face value of $0.953M. The Notes have a 12-month maturity from the date of issue and will attract interest at a rate of 6% per annum, commencing from the date which is 4 months from the date of issue. The Company may elect to repay all or part of the outstanding Notes at any time prior to the Maturity Date. In addition, the Company may elect to convert any of the Notes into new shares at $0.015 per share.

 

Leading medical cannabis company AusCann Group Holdings is pleased to provide the results of its recent Share Purchase Plan. AusCann received valid application monies from shareholders totalling approximately $1,934,200 pursuant to the SPP announced on 16 July 2018. The SPP followed a share placement to institutional and sophisticated investors which raised approximately $33.4m (before costs). Under the SPP, existing eligible shareholders were offered new fully paid ordinary shares at an issue price of A$1.05 per share, a 4.5% discount on the recent share placement price and a 5.6% discount on the volume weighted average price of the Company’s shares traded on the ASX over the five trading days prior to July 16, 2018.

 

Fleetwood Corporation is pleased to announce that it has completed the sale of the Coromal and Windsor Caravan brands to Apollo Tourism & Leisure for $1 million, which was announced to the ASX on 21 June 2018.

 

Rumble Resources is pleased to announce that in line with its clear strategy to proactively generate a pipeline of quality high grade base and precious metal projects, critically review them against stringent criteria, provide optionality to complete low cost systematic exploration to drill test for high grade world class discoveries on multiple projects, it has signed a binding option agreement to acquire up to 100% of the Long Lake and Panache Projects from well-known local (Sudbury, Canada) prospector, Gordon Salo.

 

Vital Metals is pleased to announce the completion of the sale of the Watershed Tungsten Project in Queensland for $15 million, less completion adjustments.

 

Estrella Resources is pleased to announce that it has received firm commitments from sophisticated investors to raise $500,000 via a placement of 20,000,000 ordinary shares at an issue price of $0.025 a share. The issue price per Placement Share of $0.025 represents a modest discount of 4% to the last traded price of the Company’s shares on the ASX.

 

Rox Resources is pleased to announce that its 100%-owned subsidiary, Helios Gold has acquired an option to purchase 100% of the Bronzewing South gold project and tenements from private company, Carnegie Exploration Pty Ltd. The commercial terms of the option agreement are: 1. Payment of a non-refundable deposit of $20,000 cash up signing of the agreement for a six- month option period, 2. Payment of $80,000 cash and the issue of 2,000,000 shares in Helios to Carnegie upon the successful IPO and ASX listing of Helios (at this point the option to purchase 100% of Carnegie and it’s tenements will have been exercised), 3. A further issue of $725,000 in cash or Helios shares when an Inferred Mineral Resource of greater than 250,000 ounces of gold is announced by Helios, and 4. $1,250,000 in cash or Helios shares when an Indicated Mineral Resource of greater than 500,000 ounces of gold is announced by Helios.

 

Sabre Resources has settled the acquisition of a 100% interest in Kinetic Metals Pty Ltd, the holder of a 100% interest in each of the Speewah, Unaly and Balla Vanadium projects, located in Western Australia. The key terms of the acquisition are that Sabre has issued the Vendors with 2,500,000 fully paid ordinary shares and 2,500,000 unlisted options, with each option having an exercise price of $0.03 and an expiry date of 31 October 2019.

 

Nkwe Platinum confirms that it has commenced the process of dispatching the Shareholder Circular relating to the Company's proposed amalgamation with Gold Mountains (Bermuda) Investment Limited (a wholly-owned subsidiary of Zijin Mining Group Co.) under Bermuda law, to Nkwe shareholders. As previously announced, approval of the Amalgamation and amalgamation agreement relating to the implementation of the Amalgamation is a condition to the Amalgamation proceeding.

 

Black Rock Mining is pleased to announce it has successfully raised $3.0 million through an oversubscribed placement to institutional and sophisticated investors comprising 78,125,000 new fully paid ordinary shares at $0.032 per share.

 

Arrow Minerals is pleased to announce that it has agreed to dispose of its remaining 49% interest in the Pilbara Gold Project to Pacton Gold Inc. for consideration of C$1,000,000 in cash and 2,000,000 Pacton shares.

 

Connected IO has recently undertaken a review of its operations and current business structures and has resolved to make a number of strategic changes to improve the position of the Company for future growth. The details of these initiatives are set out as follows. Connected IO will be completing a capital raising totalling $2.53m to provide capital to secure future revenue growth and manufacturing capacity required to meet larger purchase orders. The Capital Raising will comprise of a share placement to sophisticated and professional investors to raise approximately $400,000 and a Non-Renounceable Rights Issue raising up to $2.13 million, both to be completed at $0.003 per Share.

 

BMG Resources is pleased to announce that it has entered into a binding and exclusive agreement with the owners of Lithium Chile Spa to form a joint venture to undertake the exploration and development of three lithium brine projects in Chile, subject to the satisfactory completion of legal and technical due diligence and other conditions precedent.

 

Surefire Resources is pleased to announce that it has signed a binding Agreement with High Grade Metals Limited, Mutual Holdings Pty Ltd and Acacia Mining Pty Ltd to purchase Exploration Licence 57/1036 at Victory Bore in the mid-west of Western Australia (Victory Bore Tenement). The consideration payable to HGM by SRN under the Agreement comprises: 1. $AUD500,000 cash payments ($50,000 as a deposit and $450,000 at settlement); 2. 62.5 million shares in SRN issued at settlement, which shares are to be voluntarily escrowed for 6 months; 3. Upon SRN completing the following future milestones: a. within 60 days of SRN completing a pre-feasibility study stating that the Victory Bore Tenement, if developed as a mine, would have an internal rate of return of not less than 20% - payment of $AUD650,000 in cash or equivalent in SRN shares; b. within 60 days of SRN announcing a decision to mine in the Victory Bore Tenement area - payment of $AUD650,000 in cash or equivalent in SRN shares.

 

Intiger Group is pleased to announce that it has received binding commitments from institutional and sophisticated investors for a placement of $3,000,000 which will be completed by way of a two tranche placement as detailed below. The Placement received strong interest and was substantially oversubscribed, taking the maximum subscription, and total capital raising commitments of $3,000,000. Details of the Placement: The shares will be issued in two tranches, with the first tranche being issued within the Company’s existing ASX Listing Rule 7.1 placement capacity to issue 100,000,000 shares (Tranche 1 Shares) at $0.01 per share, together with one free attaching unlisted option to acquire a Share for every Tranche 1 Share.

 

Gulf Manganese Corporation is pleased to announce that it has agreed to place 100,000,000 GMC shares at an issue price of 1.26c to Acuity Capital for a total raise of $1,260,000. The placement is made in accordance with the Controlled Placement Agreement with Acuity Capital announced on 31 January 2018.

 

Superior Lake Resources is pleased to announce the successful completion of a placement of 142,857,143 new ordinary shares  to raise $5 million at $0.035 a share. The Placement is being made to institutional and sophisticated investors, and within the Company’s existing 15% placement capacity pursuant to ASX Listing Rule 7.1 (as to 62,026,282 New Shares) and 10% placement capacity pursuant to ASX Listing Rule 7.1A (as to 72,259,433 New Shares).

 

Peninsula Mines is pleased to announce that it has closed its capital raising and received commitments for approximately $600,000 through a placement of shares at an issue price of 0.6 cents per share to sophisticated investors.  In addition, the Company will also undertake a Share Purchase Plan to raise a further $0.6 million (with the ability to accept up to $1.0 million) to allow existing shareholders to participate in the capital raising on the same terms as the Placement.

 

Gulf Manganese Corporation advises that it has secured a cornerstone investment of ~$10.8 million from Jakarta based businessman, Bapak Dato Dr Low Tuck Kwong (“Bapak TK Low”), founder and President Director of integrated coal group PT Bayan Resources TBK,. Upon completion of the investment, which will occur following shareholder approval in Perth, Bapak TK Low will hold a 19.8% equity holding in the ASX-listed entity – Gulf - and will be entitled to appoint one seat on Gulf’s Board of Directors, and one seat on the Board of Commissioners in the Indonesian Subsidiary Company, PT Gulf Mangan Grup. Gulf will issue 714,597,448 ordinary GMC shares to Bapak TK Low at a placement price of $0.015 per share for a total investment of $10,718,962. As well, Gulf will issue 714,597,448 listed options exercisable at $0.005 per option expiring 30 April 2019.

 

Pacifico Minerals is pleased to announce that it has received commitments for a Placement for $1.28 million and will undertake a Non-Renounceable Entitlement Offer to together raise up to a total of $4.12 million. The Capital Raising is Joint Lead Managed by Discovery Capital Partners and PAC Partners, who have received binding commitments for the Placement of 213,333,333 shares at $0.006 per share to raise $1.28 million.

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