Corporate finance deals Feb 25 to Mar 1 2019
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Capricorn Metals advises that the Share Purchase Plan described in the offer booklet dated 6 February 2019 closed on 21 February 2019. The SPP allowed eligible shareholders the ability to apply for up to $15,000 of new fully paid ordinary shares in Capricorn at a price of $0.063 per share. Capricorn raised $2,048,000 under the SPP and will issue 32,508,128 new shares to eligible applicants on Wednesday 27 February 2019. Holding statements will be despatched, on or around 28 February 2019.
AVZ Minerals is pleased to advise that Shares under the Share Purchase Plan have been allotted. The SPP closed oversubscribed, raising $5,198,000 (before costs) via the issue of New Shares at an offer price of $0.038 per New Share. As noted in the SPP Prospectus released on the ASX dated 31 January 2019, the offer price for the New Shares was equal to 80% of the volume weighted average market price (VWAP) for the 5-day period up to and including Friday 22 February 2019, being 80% of $0.0478. AVZ Minerals is pleased to announce the success of its placement to raise $9.8 million before costs, which, combined with the recently completed Share Purchase Plan, will bring the total proceeds from the new share issues to $15 million before costs as contemplated in the SPP Prospectus.
On 22 February 2019 Blina Minerals exercised the option to acquire 100% of in the shares of Madacu Resources Pty Ltd pursuant a Heads of Agreement that was announced to the ASX on 15 November 2018. Blina has conducted extensive technical and commercial due diligence and is satisfied that the transaction can now proceed. Madacu holds a binding earn-in and share sale term sheet with the local Malagasy company Mada Hanra SARL that has tenements covering numerous scattered copper occurrences. Under the terms of the Agreement Blina has reimbursed the $200,000 for field expenses incurred by Madacu and will issue 180 million fully paid ordinary shares in the Company to the shareholders of Madacu.
Robotic technology company FBR is pleased to announce that it has completed a capital raise and has received commitments for $17.0 million. The oversubscribed capital raise was completed with a small group of international and domestic institutional and sophisticated investors. The placement of 161,904,769 shares will be issued at an offer price of $0.105 per share, representing a discount of 16.0% to the last closing price, a 19.9% discount to the 10 day VWAP and a 3.1% discount to the 30 day VWAP. The placement will be completed under FBR’s ASX Listing Rule 7.1 placement capacity.
EVE Investments announces that it has entered into a Share Purchase Deed to acquire the remaining 50% of Meluka Health not currently held by EVE. Total consideration of $490,000, payable equally in shares and a deferred cash payment. Acquisition will allow EVE to take control of the strategic direction of the Meluka Health group. EVE will have 100% exposure to revenue streams from existing product portfolio. Fermented honey drink range and second‐generation honey products progressing for launch this year Strategic Rationale Acquiring the remaining 50% of Meluka Health secures full 100% ownership of Meluka Health and its wholly owned subsidiaries and provides EVE with the ability to control the strategic direction of the Meluka group of companies. It also provides EVE with full control of the current and future revenue streams generated by the individual subsidiary companies. With an impending expansion of the Meluka product ranges and accompanying marketing and sales programs the company is well placed to grow its existing revenue base in the next 12‐ 24 months. Details of the Meluka Health acquisition EVE has entered into a Share Purchase Deed with Bryan Easson and Robyn Ingersole, to acquire the remaining 50% of Meluka Health not currently held by EVE. EVE will issue 40,833,334 shares as consideration and is required to pay a further $245,000 in cash within 12 months of completion. Completion is anticipated to occur this week.
MOD Resources advises that the non-renounceable pro-rata entitlement offer announced on 21 January 2019 closed on Wednesday, 20 February 2019. The Entitlement Offer was fully underwritten by Ashanti Capital Pty Ltd and sub-underwritten by Australian Super Pty Ltd. The Entitlement Offer offered eligible shareholders registered on 4 February 2019 the ability to subscribe for fully paid ordinary shares at an issue price of $0.24 each on the basis of one New Share for every thirteen shares held on the Record Date. The results of the Entitlement Offer are as follows;
Total number of New Shares offered / underwritten 21,353,317 to raise $5,124,796
Entitlements accepted 17,239,135 raising $4,137,392
Shortfall to be placed with the Underwriter 4,114,182 for the remaining $987,404
The shortfall of 4,114,182 New Shares will be placed with the Underwriter. In accordance with the Underwriting Agreement disclosed in the Entitlement Offer document, the Underwriter and Australian Super entered into a sub-underwriting agreement pursuant to which Australian Super has agreed to subscribe for 100% of the Shortfall Shares.
Titan Minerals and Core Gold are pleased to announce that the companies have entered into a binding arrangement agreement, pursuant to which Titan will acquire all of the issued and outstanding Core Gold common shares by way of a share exchange. The Merger will create a diversified Latin America focused ASX-listed gold company with a robust portfolio of exploration, development and production assets in both the emerging mining jurisdiction of Ecuador and the well-established mining jurisdiction of Peru. The Company will have a strong pipeline of growth opportunities. The Merger will be affected by means of a statutory plan of arrangement under the Business Corporations Act (British Columbia). Under the Arrangement: each Core Gold shareholder will receive twenty fully paid ordinary shares in Titan pre-consolidation for every one Core Gold common share; and holders of Core Gold Options and Warrants will receive options in Titan on comparable terms, taking into account the Exchange Ratio under the Merger.
Caravel Minerals advises that the 1 for 7, pro‐rata rights issue closed on 22 February 2019, with all of the Shortfall applied for by eligible shareholders, raising a total of $1,103,728.
Kibaran Resources is pleased to announce it has received firm commitments from sophisticated, professional and institutional investors to raise $1.1 million through a placement of 11 million fully paid ordinary shares at an issue price of 10c per Share.
The non-renounceable pro-rata rights offer made to shareholders of Tasman Resources who were on the register as at 5:00pm WST on 7 February 2019 pursuant to an offer document dated 1 February 2019, closed on 22 February 2019. Accordingly upon completion of issuing of the New Shares and New Options, the total amount raised will be $1,625,716.80.
Sovereign Metals is pleased to announce that it has completed its Share Purchase Plan, issuing 15.37 million shares at $0.065 per share to raise $1 million. The SPP is additional to the previously announced placement of 66.7 million shares to raise gross proceeds of $4.3 million.
Crater Gold Mining advises that its renounceable, eleven-for-two entitlement offer at an issue price of $0.015 per new fully paid ordinary share closed on 26 February 2019. Eligible shareholders who applied for their full entitlement under the Entitlement Offer were also able to apply for new shares in excess of their entitlement, through a shortfall offer.
Ausgold is pleased to announce that it has received binding commitments for a share placement to raise $1,800,000 before costs. Use of Funds Proceeds from the Placement will be used to advance exploration at the Company’s Katanning Gold Project, with drilling targeting extensions to current Resources, newly identified near Resource targets and regional targets within the broader Katanning landholding and to provide additional working capital. Placement Under the Placement, the Company will issue a total of 90,000,000 shares at an issue price of 2 cents each. The Placement will be made to professional and sophisticated investors.
Bardoc Gold is pleased to announce a capital raising of up to $11.3 million to fast-track its Australian gold exploration and development strategy. The Company has received commitments for a share placement comprising 175 million shares at an issue price of 4c per share to existing and new strategic investors to raise a total of $7.0 million.
BMG Resources is pleased to announce the successful closing of a $672,680 share placement (before costs) to new and existing institutional and sophisticated investors. This now brings the total amount raised by the Company in recent months to in excess of $1.6m.
Elixir Petroleum is pleased to announce that the full shortfall of 76,252,482 New Options has been placed by the joint lead managers Originate Capital and Xcel Capital. The allotment of the shortfall New Options under the Offer is expected to occur on or before 5 March 2019. Full terms and conditions of the New Options are contained in the Company’s Offer Document dated 14 December 2018. The placement of the shortfall has raised a further $762,525 (before costs), taking the total raised under the Company's pro rata non-renounceable rights issue of New Options to $934,625 (before costs). Funds raised from placement of the shortfall will supplement the Company's existing cash reserves which will be directed towards the Nomgon IX CBM PSC, with the upcoming 2D seismic survey the first major activity in an active 2019 exploration program.
Vector Resources is undertaking a share placement to investors that are exempt from disclosure under s.708 of the Corporations Act (Cth) 2001 using the Company’s 10% additional placement capacity. On completion of the financial settlement of the transaction for its acquisition of a 60% interest in the Adidi-Kanga Gold Project in the Democratic Republic of Congo, the Company will also finalise and complete the placement to raise $2.638m (gross proceeds) via the placement of 146,555,556 shares at $0.018 per share. The placement will raise cash proceeds and will be used to fund the working capital for Vector. The price for the placement - $0.018 - represents a 23.5% discount to the volume weighted average price for the last 15 days of trading prior to the Company entering the trading halt and subsequent suspension on 30 January 2019. It also represents a 10% discount to the last traded price of $0.020.
Australian marine technology company Smart Marine Systems is pleased to announce that it has executed a binding term sheet for the acquisition of specialist subsea service provider Evolution Subsea Pty Ltd, trading as Harvest Technology. Subject to the completion of final due diligence by the Company (to be completed by 12 March 2019), and shareholder approval to issue consideration shares, the Company will acquire 100% of Harvest for 15,000,000 shares issued at a price of 2.2 cents each and the entity will become a wholly owned subsidiary of SM8. Subject to ASX and Shareholder approval, existing Harvest Shareholders will be issued performance rights for up to 80,000,000 shares based on specific Harvest revenue targets established by the Company.