Assorted minor corporate finance deals not covered in the previous week's articles.
Avenira will sell its interests in the Baobab Phosphate Plant and Novaphos to a consortium of its shareholders for $US3 million in cash and approximately $US1.2 million worth of loan forgiveness and directors fees. Several directors are involved in the consortium and will resign from the board on the completion of the deal.
Cygnus Gold is pleased to report that Gold Road Projects, a 100% owned subsidiary of Gold Road Resources has earned a 51% interest in the Lake Grace Project having spent an initial earn-in amount of $700,000. Gold Road has now elected to earn a further 24% interest (75% in total) by spending a further $500,000 within 18 months.
GTI Resources has announced a deal to acquire a number of highly prospective uranium and vanadium properties located in the Henry Mountains, Utah, USA, for a consideration of $1.1 million in shares. GTI has also announced a capital raising of $2 million to fund the project.
Corazon Mining has completed its 80% earn-in interest at the Mount Gilmore Copper-Cobalt-Gold Project in New South Wales.
Hot Chili has arranged a $5 million private placement to sophisticated and professional investors through the issue of new shares at 3 cents.
PolarX has raised $3.46 million at 8 cents a share after its $4.3 million entitlement offer closed slightly undersubscribed.
Smart Marine Systems has completed a placement of 50,000,000 fully paid ordinary shares at a price of 2.2 cents per share to sophisticated investors to raise $1.1 million in working capital.
Deep Yellow has announced that its Share Purchase Plan has closed with subscriptions for 5,411,985 ordinary shares raising $1,677,700. The company raised a further $611,807 through a shortfall placement.
Nuheara has announced that it received a proposed takeover offer in April this year, valuing the company at $82.5 million. The offer has since been retracted.
Nuheara has also announced the completion of a share placement, raising $4 million at 5 cents a share.
Lithium Australia has closed its 1-for-6 entitlement offer, raising $2.75 million at 6 cents a share.
Force Commodities has completed its acquisition of 51 per cent of the Tshimpala lead and silver project in Malawi. Force has issued 40 million shares as consideration to the vendors, and a further 40 million shares may be issued in future should the project sell 500 tonnes of contained lead.
African Gold has entered agreements to acquire four contiguous mining permits in Western Mali. Total consideration for the permits, collectively named the Faleme Gold Project, will be $US130,000 in cash.
Kalamazoo Resources has raised $1.2 million through a placement at 12 cents a share.
Oro Verde has raised $600,000 through a placement at 0.3 cents a share and announced plans to acquire 60 per cent of the Makuutu Rare Earth Elements project in Uganda through an earn-in agreement.