19/02/2018 - 13:49

Corporate finance deals Feb 12 to 16 2018

19/02/2018 - 13:49


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Corporate finance deals Feb 12 to 16 2018

Overland Resources Limited is pleased to advise that it has executed a Sale and Purchase Agreement with Peter Gianni to acquire a 100% interest in Exploration Licence Application 53/1971 for a total consideration of $10,000.



AssetOwl Limited is pleased to announce that it has completed the sale of its Rum Jungle project to Podium Minerals Limited.

In consideration for the sale, the Company has been issued 6 million ordinary shares in Podium and 3,000,000 options (exercisable at $0.20 each, on or before the date falling 30 months from official quotation of Podium’s shares on ASX).



The Agency Group Australia, formerly Ausnet Financial Services, is pleased to confirm its wholly owned subsidiary Ausnet Real Estate Services Pty Ltd, has entered into, and excised, an Amended and Restated Option Agreement with Aura Principal Investments Pty Ltd, Daring Investments Pty. Ltd., Teldar Real Estate Pty Ltd, MAK Property Group Pty Ltd, SEMC2 Pty Ltd and Ben Collier Investments Pty Ltd for an exclusive option to acquire all of the Majority Shareholders’ shares in Top Level Real Estate Pty Ltd replacing the Option Agreement previously announced on 30 January 2017. Under the Amended and Restated Option Agreement, The Agency was granted an exclusive option to acquire all of the Top Level shares held by the Majority Shareholders on or before 20 February 2018. Consideration for the acquisition of all issued capital in Top Level is 550 million fully paid ordinary shares in The Agency to be issued amongst all Top Level shareholders. The Agency to launch a placement (on a pre-consolidation basis) to raise a minimum of A$10 million in gross proceeds through the issue of fully paid ordinary shares at an issue price of $0.02 per share to ensure the acquisition is funded.



88 Energy Limited is pleased to announce that it has entered into an underwriting agreement to underwrite the Company’s listed option series up to a value of A$6.75 million. 88 Energy has approximately 340 million listed 88EO options on issue, exercisable at $0.02 cents on or before 5.00pm (AWST), 2 March 2018.



Triton Minerals Limited refers to its announcement dated 22 December 2017 in relation to the option to acquire certain lithium assets and royalties from Westgold Resources Limited.

Despite the potential for Lithium in the tenure, the management of both Companies have mutually agreed not to proceed with the transaction given a satisfactory and timely completion appears unlikely.

Westgold did not receive favourable taxation advice for its self and its shareholders on the event of a sale to Triton. Westgold will continue to investigate the best option to realise value for its shareholders from its lithium interests.



Westgold Resources Limited advises that it has executed a binding Heads of Agreement with S2 Resources Limited to acquire its interest in the Polar Bear Project (100%), Eundynie Joint Venture (80%) and the Norcott Project (100%) via the sale of all of the shares in S2’s wholly owned subsidiary Polar Metals Pty Ltd for A$9 million.



Norwest Energy NL is pleased to announce that existing shareholder and joint venture partner, 3C Group IC Limited, has elected to increase its shareholding to 9.9% of Norwest’s fully diluted share capital as part of its ongoing strategic relationship with the Company. 3C Group has elected to exercise its 60 million Unlisted Options and has taken a further 66.5 million shares in the Company under the Follow On Placement. The Unlisted Options had an exercise price of $0.0024 per option and were exercised on 6 February 2018. A total of A$144,000 was raised in additional funding from the issue of shares in the Company upon the exercise of the Unlisted Options. Norwest has issued a total of 66.5 million new shares at an exercise price of $0.0024 per share under the Follow On Placement. Approximately A$160,000 was raised from the issue of the new shares under the Follow On Placement.



Middle Island today executed a Heads of Agreement with Tajiri Resources Corp. for Tajiri to be granted an option to acquire a 100% interest in the Reo gold project in Burkina Faso, West Africa. Summary commercial terms involve aggregate cash payments to Middle Island of US$335,000 and the issue of 5 million shares, representing 8% of Tajiri’s then post-issue expanded capital, plus a 2% net smelter return (NSR) royalty, which can be purchased by Tajiri for US$5 million.



Mount Ridley Mines Limited (ASX: MRD) (“Mount Ridley”, “the Company”) is pleased to

announce it has reached an agreement to acquire Singapore-based Prometheus Developments

Pte Ltd, which owns rights to the high grade Diwalwal epithermal gold project on the island of

Mindanao in the Philippines.

Consideration will be the issue of approximately 1,506,180,000 ordinary fully paid shares (“Shares”) in the capital of Mt Ridley at a deemed issue price of $0.00693/Share.



Macmahon Holdings Limited (ASX: MAH) today announced it had signed an agreement to purchase TMM Group, a Brisbane-based group of companies which provide civil construction and operations and maintenance services to the Queensland coal mining industry.



iCollege Ltd (“ICT” or “the Company”) (ASX: ICT) is pleased to announce the completion of the acquisition of Manthano Limited



Blackham Resources Limited (“Blackham” or “the Company”) advises that the Company’s fully underwritten, renounceable pro-rata entitlement offer (“Entitlement Offer”) closed at 5.00pm (WST) on 12 February 2018. Under the Entitlement Offer, the Company is able to issue up to 897,670,820 New Shares on the basis of five (5) New Shares for every two (2) Blackham Shares held on the record date at an issue price of $0.04 per New Share, together with one (1) free attaching option (exercisable at $0.08 on or before 31 January 2019) (“New Option”) for every two (2) New Shares subscribed for.

The Company is pleased to advise that it has received applications for entitlements totalling $26.19m (before costs) from existing shareholders and rights holders, representing acceptances of approximately 73%. In addition, the Company has received additional applications from existing shareholders for a further $4.97m to give a total shareholder take-up of up to 87% on the Entitlement Offer. These amounts are subject to the final reconciliation of applications and proceeds received.



TikForce Limited is pleased to announce that it has engaged London based East Star Capital  to assist in a placement to sophisticated investors; and exclusive corporate advisor to assist with the expansion into the UK and EU markets. ESCUK will assist with a placement of up to 20,000,000 new ordinary TKF shares at an issue price of AUD$0.02 each (Placement Shares) to new investors (Placees) to raise $400,000.

Tikforce advises that the outstanding Shortfall Balance of 43,079,763 shares & 21,539,901 options representing and amount of $646,196.45 under the non renounceable entitlements offer which closed on 6th February 2018 will not be offered to investors.



Diversified metals exploration company, Metals Australia Ltd is pleased to announce that the Company has completed a Private Placement of $3,138,660 at an issue price of $0.005 per share via the issue of 627,732,000 fully paid ordinary shares.



Northern Minerals Limited is pleased to announce that it has raised $A11.7 million (before costs) under its Share Purchase Plan (SPP), which closed on 12 February 2018.

The strong demand from eligible shareholders saw the initial SPP cap increased from $5 million to $10 million, and then from $10 million to $15 million.

The Board is also pleased to announce that it has placed a further $1.3 million worth of shares at 7.8 cents per share (the same issue price per share as under the SPP). The Placement was completed under the company’s placement capacity under ASX Listing Rule 7.1A.



FYI Resources, project developer of high purity alumina in Western Australia is pleased to announce it will be raising up to $3 million (before costs) through the issue of 37.5 million new fully paid ordinary shares at $0.08 per share.



Orca Energy Limited has entered into binding term sheets to acquire majority interests in 3 resource exploration tenements located in Western Australia.

They include:

(a) a term sheet with Sammy Resources Pty Ltd (a subsidiary of Cazaly Resources Limited (ASX: CAZ)) to acquire a 51% interest in exploration licence E80/4808 (McKenzie Springs Project), which is considered to be prospective for magmatic Ni-Cu sulphide and Platinum Group Element (PGE) mineralisation, and the right to farm-in to an additional 19% interest in the Project;

(b) a term sheet with Neon Space Pty Ltd to acquire a 51% interest in exploration licence E20/900 (South Big Bell Project), which is considered to be prospective for gold, and the right to farm-in to an additional 19% interest in the Project; and

(c) a term sheet with Crosspick Resources Pty Ltd to acquire a 51% interest in exploration licence E28/2652 (Sentinel Project), which is considered to be prospective for gold, and the right to farm-in to an additional 19% interest in the Project.

Total consideration is 10 million shares and 20 million options exercisable at $0.03 each.

An associated public offer will raise $1 million through the issue of 50 million shares at 2 cents a share.

• The Company will be renamed Fin Resources Limited upon completion of the Proposed Transaction.



Explaurum Limited is pleased to advise that it has successfully completed a bookbuild to raise up to A$8.3 million through a placement of up to approximately 79 million shares at an issue price of 10.5 cents per share to a number of institutional and sophisticated investors



ServTech Global Holdings Limited has executed binding asset sale agreements with The Agency Group Australia Limited. These agreements have been executed between the Company’s subsidiaries (Sell Lease Property, Complete Settlements and Value Finance) and wholly owned subsidiaries of The Agency. Under the agreements, The Agency’s subsidiaries will acquire the assets of each of the Company’s subsidiaries.

These new agreements remove all conditions precedent to the previous agreement between ServTech and The Agency under which ServTech was to receive up to $950,000 for the purchase of its real estate businesses. This consideration amount is unchanged and is now only subject to The Agency’s subsidiary Vision Capital, receiving a real estate agency licence from the Western Australian Department of Mines, Industry, Regulation and Safety. The Agency expects to receive the licence imminently.



Pegasus Metals Limited is pleased to announce that, following its announcement on 10 January 2018, it has raised $365,500 under tranche 1 of a placement to sophisticated investors. The Company has issued 12,183,338 fully paid ordinary shares at a price of $0.03 per share under its existing placement capacity under Listing Rule 7.1.

A further $60,000 is being raised by the issue of shares to Ms Bronwyn Barnes and Mr Grant Osborne (both of whom are directors of Scorpion, as outlined below), with such issue being subject to the Company obtaining shareholder approval.

The issue of shares under tranche 1 forms part of a wider Placement to raise a total of $600,000. It is expected that an additional $174,500 will be raised during the week commencing 19 February 2018 by way of the issue of 5,816,661 shares under the Company’s existing placement capacity. Commitments for $100,000 have already been received.



Latin Resources Limited is very pleased to announce that it has secured the 100% ownership of Condor lithium concessions in the North East part of San Luis, Argentina through the signing of a Terms Sheet with Kontrarian Resources Fund No 1 (“Vendor”). Consideration will be $3,500,000 in cash and shares.


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