Krakatoa Resources has announced a capital raising $275,000 by way of a placement at 2.2 cents a share.
GWR Group and Tungsten Mining have signed a joint venture agreement relating to GWR’s Hatches Creek tungsten project. Tungsten Mining will pay an initial $1.72 million for a 20% interest in the project. The company can increase its interest to 51 per cent by expending $3 million on exploration and development over the next five years.
Zenith Minerals has announced a deal to divest its Mt Alexander magnetite mine to a private company called Mt Alexander Iron Ore Pty Ltd for an upfront payment of $250,000, with $2.5 million in future additional payments should the project reach commercial production.
Smart Marine Systems has closed its $709,111 2.2 cents a share entitlement offer. Shareholders subscribed for shares to the value of $411,666. The remainder of the offer will be placed with the underwriter.
Metals Australia has completed a $423,720 private placement at 0.18 cents a share.
Azure Minerals has funded the development of its Oposura zinc-lead project through a $2 million convertible note issue. The note has an interest rate of $12.5 per cent per annum, and can be converted to shares at a price of 14.5 cents a share, 38 per cent higher that Azure’s closing price on May 31.
Aurora Minerals has made an on-market sale of 15 million Predictive Discovery shares at 2.9 cents a share, earning approximately $430,000 after fees and charges. Aurora retains a 16.82 per cent holding in Predictive.
Following on from its $15 million 5 cents a share placement and convertible notes raising in April, Northern Minerals has announced an additional $15 million placement at 4.5 cents a share, accompanied by a 1 for 13 entitlement offer to raise $6.95 million.
Stemify has completed a $1.75 million private placement at 2 cents a share.
Venus Metals Corporation has announced that it plans to sell its 50 per cent stake in the Yalgoo iron project to its joint venture partner FIJV Pty Ltd for a cash consideration of $2.5 million. In addition Venus has decided to perform an in-specie distribution of all issued capital of its Yalgoo Iron Ore Pty Ltd subsidiary, which will hold the0.625 per cent FOB royalty over all magnetite concentrate produced by the project.
Cassini Resources has completed the acquisition of a 80 per cent interest in the Yawindah Brook Ni-Cu-Co-PGE project. Consideration was $300,000 and 6.1 million options with an exercise cost of 12.35 cents each.
Magmatic Resources is set to acquire three gold and copper assets in Western Australia, and divest from its East Lachlan NSW exploration assets. The company will acquire Kokoda Exploration Pty Ltd, Ashburton Metals Group Pty Ltd and North Iron Cap Pty Ltd for a total of $170,000 and 128 million shares at a deemed price of 3 cents a share for a total consideration valued at just under $4 million. Magmatic Resources shares are currently trading at 2 cents each.