24/07/2017 - 12:35

Corporate finance deals July 17 to July 21 2017

24/07/2017 - 12:35


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Corporate finance deals July 17 to July 21 2017

Titanium Sands has raised $300,000 by way of a sophisticated investor placement of 42,857,142 fully paid ordinary shares at $0.007 per Share.


Xstate Resources has successfully completed a placement to sophisticated investors raising $470,000 (before costs). Xstate will issue 94,000,000 fully paid shares at $0.005 cents per share.


Race Oncology has completed a placement of 12.5 million new ordinary shares at an issue price of $0.20 per share to professional and sophisticated investors to raise $2.5 million. 708 Capital acted as sole lead manager and bookrunner to the Placement. There was strong demand from investors and the Placement was heavily oversubscribed. The Placement price of $0.20 represents a 16.7% discount to the last closing price on 12 July 2017. Subscribers to the Placement shares will be entitled to a 1 for 2 free attaching unlisted option (Placement Option), exercisable at $0.30 on or before 30 September 2018.


Kabuni is pleased to advise that it has successfully raised A$250,000 via a placement of convertible notes to sophisticated investors to provide working capital and to cover costs associated with the transaction with PTF.


Force Commodities is pleased to announce a share placement to professional and sophisticated investors. In total, 53,666,667 new shares are to be issued at $0.015 (1.5 cents) each to raise $805,000 (before costs).


Artemis Resources advises that it has received a firm commitment from one London Institution, Global Investment Strategy UK Ltd, to raise $1.5 million (before costs) through the issue of 20 million shares at 7.5 cents per share.


Copper explorer Alderan Resources is pleased to announce the expansion of its holdings over the Frisco Project located in Utah, USA, through the acquisition of a third-party interest in the Imperial Claims, and the lease and staking of 118 further claims. Alderan has entered into an agreement with Shoshone Silver/Gold Mining Company to acquire a 50.5% interest in the Imperial Claims. Alderan already holds rights to explore and mine on these claims through the Horn Lease Agreement with Horn Silver Mines Inc, which holds the remaining 49.5% interest. The acquisition will result in Alderan holding 100% of the mineral rights over these claims, subject to a net smelter royalty to the landholder. Key terms of the Imperial acquisition are: Payment of $120,000 (USD) on satisfaction of the closing conditions, $120,000 (USD) on the anniversary of the closing date of the agreement and the balance of $350,000 (USD) on the second anniversary of the closing date of the agreement; and Shoshone hold the right to a 1.25% net smelter royalty on the Imperial Claims; however Alderan may extinguish this royalty by paying the consideration in full by 31 December 2018.


Coventry Resources requested a voluntary suspension on 12 July 2017 pending the release of an announcement regarding a capital raising. The Company is pleased to announce that it has received commitments to subscribe for approximately 285 million shares at $0.02 per share to raise approximately A$5.7 million (Placement). The Placement is being undertaken within the Company’s capacity under the ASX Listing Rules.


Frontier Resources is very pleased to announce that it has been ‘gifted’ EL 2461 – Andewa and to advise of our Strategy for the remainder of 2017. Chairman and Managing Director Peter McNeil M.Sc., stated: Frontier will now acquire 100% of the Andewa EL for nothing from my company WNB Resources Ltd, when transfer is allowed under the PNG Mining Act (no ‘Trading’ is allowed in ELs during their first 2‐year Term). This is an excellent outcome for Frontier’s shareholders.


On 19 June 2017 Thundelarra announced a Farm-In Agreement with Sandfire Resources NL (SFR) to explore at the Red Bore Project, subject to Thundelarra’s JV partner, Mr W Richmond (“Richmond”), not exercising his pre-emptive right. Thundelarra has received an executed acceptance of the Pre-Emptive Offer Notice, together with payment of $1,650,000 (GST included). This constitutes exercise of Richmond’s pre-emptive right. The effect of Richmond exercising his pre-emptive right is: Thundelarra has received $1,650,000 in cash (GST included) Richmond sole funds at least $1,500,000 on exploration over the next 18 months Richmond can earn a further 75% interest by defining a JORC 2012 Resource of at least 30,000t of contained copper / copper equivalent Richmond to sole fund all exploration through to definition of the resource described above and, while sole funding, to keep the tenement in good standing Thundelarra to be completely free-carried until production starts* Red Bore (M52/597) is located adjacent to Sandfire’s operating DeGrussa copper-gold mine. It is a granted Mining Licence with expiry on 05 November 2030. Currently it is held 90% by Thundelarra and 10% by Mr W Richmond and is operated under a Joint Venture Agreement.


Victory Mines has entered into a Heads of Agreement to acquire a polymetallic asset located on the prolific western margin of the Bonaparte Basin in Western Australia (Agreement). Consideration for the acquisition comprises: - Cash payment of $50,000 to the Vendors upon execution of the Agreement; - Cash payment $50,000 plus issue of 10,000,000 shares to the Vendors on receipt of two or more assay results from the recent surface sampling program that confirm cobalt mineralisation of at least 0.5% or zinc mineralisation of at least 10%; and - Issue of 10,000,000 shares to the Vendors upon satisfaction of the conditions precedent and settlement of the Agreement.


Latin Resources has agreed terms for a placement of 250,000,000 shares at an issue price of $0.004 to raise $1,000,000 (Placement) In addition the Company will issue a 1 for 2 free attaching option expiry two years from inception at an exercise price of $0.01 .The placement was significantly oversubscribed. Shares comprising in the Placement will be issued to sophisticated and professional investor clients of PAC Partners Pty Ltd. The Placement shares will be issued under the Company’s existing 15% placement capacity pursuant to ASX Listing Rule 7.1.


Trek Metals is pleased to advise that it has received commitments from new and existing sophisticated and professional investors to raise $1.8 million (before costs, facilitated by Longreach Capital) to advance exploration at the highly prospective zinc‐lead Kroussou Project (which is subject to an option agreement with Battery Minerals Limited (ASX:BAT)1 in Gabon (Placement). The maximum number of new shares that will be issued pursuant to the Placement is 72 million new fully paid ordinary shares at an issue price of 2.5 cents per share (Placement Shares).


Australian tungsten development company, Tungsten Mining is pleased to advise that it has entered into a binding agreement with Pilbara Minerals to acquire the near new Tabba processing plant. The acquisition price is $600,000, comprising $300,000 cash payable at settlement and $300,000 in Tungsten Mining shares. Settlement is conditional upon the execution of a more formal sale agreement which the parties have agreed to complete expeditiously. The Consideration Shares are to be issued in two tranches, with the first tranche equating to $150,000 (3,750,000 shares) to be issued at a deemed price of $0.04 per share. The second tranche, representing deferred consideration equating to $150,000, is to be issued six months after settlement at an issue price being the lesser of $0.04 per share and the five-day volume weighted average price immediately preceding the date of issue.


The Board of Castillo Copper is delighted to announce that it has signed a binding Heads of Agreement with Total Minerals Pty Ltd (Total), which owns three cobalt & copper assets in NSW and Queensland (including the historic Cangai Copper Cobalt Mine in northeast NSW), to acquire all its outstanding issued shares (Proposed Acquisition). The key terms of the Proposed Acquisition are outlined in Annexure A. As at the date of this announcement, Total has six shareholders holding 100,000 shares at the date of this announcement. In consideration for the Proposed Acquisition, Total shareholders will receive 55 million shares in consideration which will equate to circa 12% of CCZ’s expanded issued capital on a fully diluted basis. $1.32 million.


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