05/10/2018 - 10:55

Corporate finance deals Oct 1 to Oct 5 2018

05/10/2018 - 10:55


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Dreamscape Networks is pleased to announce that it has entered into a Binding Heads of Agreement to acquire 100% of Hong Kong based hosting and domain business PacHosting from privately held Pacificnet Hosting Limited for a total consideration of USD$3.0 million.


A-Cap Resources has entered into a binding Term Sheet on 28 September 2018 (Effective Date) with Blackham Resources to acquire a 75 percent Farm-In Joint Venture Interest in the nickel, cobalt and associated metals of the Wiluna Cobalt Nickel Project (Wilconi Project) in Western Australia. ACB will acquire an initial 20% JV Interest by making a cash payment to BLK of A$2,800,000 within two business days of the parties entering into the JVA; iv. On making the initial interest payment ACB will also acquire the third-party exploration data on the project by making a cash payment of A$100,000; v. ACB may acquire an additional 35% JV Interest (such that ACB's total JV Interest will be 55%) (Second Earn-in Interest) by: A. making a cash payment to BLK of A$500,000 within a period of 24 months; and B. incurring minimum expenditure on exploration works programme activities and investing activities expenditure in respect of the Reserved Minerals on the Tenements (completing the definitive feasibility study (Project DFS); within a period of 36 months of A$5,000,000; vi. ACB may acquire an additional 20% JV Interest (such that ACB's total JV Interest will be 75%) (Third Earn-in Interest) by: A. completing the Project DFS within 36 months; B. making a further cash payment to BLK of A$1,000,000; and Page 5 of 5 C. issuing to BLK on completion of the Project DFS A$1,500,000 worth of ACB shares which valued at 30 day volume-weighted average price. ACB new shares issued to BLK shall be subject to a six (6) month escrow period. ACB new shares issued to BLK will be subject to shareholder approval; vii. ACB must undertake the works programme activities during the Earn-in Period with the intention of advancing the Project to a completion of the Project DFS;


Inca Minerals has today completed a placement of 12,900,000 Shortfall Shares, each with a free attaching Shortfall Option, at an issue price of 0.5 cents per share. The Placement was issued to existing shareholders on 1 October 2018 using shortfall securities arising out of the offers detailed in the Company’s Prospectus dated 2 August 2018. The Placement raised a total of $64,500 and now means a 69.5% take-up of the offers under the Prospectus and approximately 30% of the offers remain available as shortfall securities for interested shareholders and other investors.


Korab Resources has completed the placement of 3.5 million shares at 2.9 cents each to un-related investors.


Pacifico Minerals is pleased to announce the non-renounceable entitlement offer detailed in the Company’s prospectus dated 6 September 2018 has closed. The Entitlement Offer allowed eligible shareholders registered on the record date the ability to subscribe for new shares at an issue price of $0.006 each on the basis of three (3) fully paid ordinary shares for every seven (7) shares held. Eligible shareholders also receive one (1) free attaching option for every two (2) shares subscribed for, exercisable at $0.015 each on or before 21 November 2010. The results of the Entitlement Offer are as follows: The Company has accepted applications from its shareholders subscribing for 158,506,899 shares pursuant to their entitlements and additional shares, totalling approximately $1.0M and resulting in a shortfall of 315,663,279 shares for a further approximately $1.8M, along with free-attaching options. The securities to be issued pursuant to the Entitlement Offer are expected to be allotted and issued on or before 3 October 2018 with holding statements dispatched shortly after. The Joint Lead Managers, in consultation with the Company, will offer the shortfall of securities under the Entitlement Offer to new investors unrelated to the Company on the same terms and conditions as the securities offered under the Entitlement Offer.


Northern Star Resources is pleased to advise that it has completed its acquisition of the Pogo gold project in Alaska from Sumitomo Metal Mining Co., Ltd (85% interest and the mine operator) and Sumitomo Corporation (15% interest).


Boss Resources is pleased to announce it has signed a share sale and purchase agreement to sell its interest in the Golden Hill and Gourma Projects in Burkina Faso, West Africa, to its joint venture partner Teranga Gold (Australia) Pty Ltd, a wholly owned subsidiary of Teranga Gold Corporation, for consideration of A$10 million cash. Under the terms of the agreement, Boss will sell all of its shares held in Boss Minerals Pty Ltd and Askia Gold Pty Ltd, being the entities that presently hold Boss’ 49% interest in the Golden Hill and Gourma Projects, respectively, to Teranga.


Prospect Resource is pleased to announce it has reached a conditional agreement to increase its ownership in the Arcadia Lithium Mine from 70% to 87%. Under the agreement, Farvic Consolidated Mines Pvt Ltd has agreed to transfer the shares it holds in Prospect Lithium Zimbabwe (Pvt) Ltd to Prospect Minerals Pte Ltd, a wholly owned subsidiary of the Company. In consideration for the transfer of shares in PLZ, the Company will issue 94,976,800 fully paid ordinary shares to Farvic, representing a dilution to existing Prospect shareholders of 4.6%, and pay Farvic A$1,187,210 in cash. Upon completion of the transaction, the Company’s equity interest in PLZ will increase from 70% to 87%.


Spitfire Materials and Excelsior Gold are pleased to announce that the scheme of arrangement between Excelsior and its shareholders, as approved by Excelsior shareholders on 19 September 2018 and the Federal Court of Australia on 21 September 2018, was implemented today. As a result, Excelsior is now a wholly-owned subsidiary of Spitfire with the transaction resulting in the creation of a leading ASX-listed gold company with a diversified asset portfolio and clear pathway to production in the highly prospective North Kalgoorlie region of Western Australia. The merger provides the critical mass required to accelerate development plans with the aim of becoming a recognized mid-tier Australian gold producer.


Viking Mines is pleased to announce that it has today signed a binding terms sheet with Altain Nuurs LLC to sell all of the assets held by the Company in Mongolia, being the Berkh Uul coal project and the Khonkhor Zag coal project, for a total consideration of $1,000,000 USD.


The directors are pleased to advise that they placed 6,475,000 fully paid ordinary shares of Tasman Resources and 6,475,000 TASOC options, each to acquire 1 Share at an exercise price of $0.06 per Share at any time up to and including 31 August 2020 from the shortfall of the recent non-renounceable pro-rata rights offer, raising a further $323,750. This placement was at an issue price of $0.05 per share (the same price that was offered to all shareholders under the recent Offer), with one free attaching Option per share to investors to whom disclosure is not required in accordance with section 708 of the Corporations Act 2001. Tasman made the offers to the investors between 13 September 2018 and 1 October 2018 when the TAS share price was trading between $0.039 and $0.047. This placement brings the total raised from the rights issue and subsequent placement of the shortfall to $2,049,939.


Spectrum Metals has previously advised that it has for some time been evaluating a number of different resources opportunities, and it is pleased to announce the initiation of a high-grade gold strategy, focused in Western Australia, with the acquisition of the First Hit Gold Mine, near Menzies, WA. Spectrum and wholly owned subsidiary Red Dirt Mining Pty Ltd have executed a Tenement Purchase Agreement to acquire a 100% interest in four (4) tenements covering the First Hit Gold Mine Project. The First Hit Gold Mine is located on M30/99. Other tenements included in the acquisition include M30/91, P30/1185 and P30/1088, covering a total area of 457.5Ha. Terms of the acquisition are: 1. A$100,000 in cash at settlement of the agreement; and 2. A$100,000 worth of ordinary shares in Spectrum at a deemed issue price equal to the 5-day  Volume Weighted Average Price (VWAP) of Shares trading on ASX over the 5 days immediately preceding the date of the Agreement (equating to 19,464,300 shares). Spectrum has agreed terms for a capital raise to sophisticated investors, raising $600,000 at $0.004 per share for an additional 150 million shares (Placement). The capital raised will be used in the exploration and development of its West Australia assets and for general working capital purposes


Great Boulder Resources is pleased to announce it has entered into a binding option agreement with Ausgold to form a Joint Venture over Ausgold’s Yamarna nickel project in WA. The Yamarna nickel project is located just 40km north of Great Boulder’s Mt Venn copper-nickel-cobalt project (Figure 1) and covers 300sqkm of prospective mafic-ultramafic intrusive complexes. Under the proposed terms of the Joint Venture, Great Boulder can earn up to 75% of the Yamarna nickel project by issuing Ausgold 1.5m GBR shares and spending $500,000 on exploration over four years.


Doray Minerals is pleased to announce that it has signed a binding Sale and Purchase Agreement (SPA) to divest the Andy Well Gold Project to Galane Australia Pty Ltd, a subsidiary of Canadian gold miner Galane Gold. In conjunction with the SPA, Doray has also reached a non-binding agreement in principle for the Gnaweeda Project to be farmed out and joint ventured with Galane. A binding farm-in and JV Agreement is in the process of being negotiated and finalised. Galane to pay A$10 million for Andy Well including: $3 million cash up front and $1 million worth of Galane Gold Ltd shares, $3 million cash within 12 months of execution of the SPA, and $3 million cash within 24 months of execution of the SPA.


Cauldron Energy is pleased to announce that it has entered into an agreement to acquire the Pippingarra Lithium Project and the Marble Bar Lithium Project from Mercury Resources Group Pty Ltd for 40 million CXU shares, 40 million CXU options, 60 million performance shares, a 1% net smelter royalty and $500,000 in cash payable in instalments of $250,000. The first instalment is payable on completion of the transaction and the second on CXU raising $2 million.


Medical technology company Proteomics International Laboratories advises it has completed the sale of its shareholding in CPR Pharma Services Pty Ltd with the receipt of $928,399.


Eagle Mountain Mining advises that the non-renounceable new option entitlement offer to raise $231,250 on issue of 23,125,000 new options (the Offer) and up to $9.25 million on exercise has been well supported and closed in accordance with the Offer timetable. Eagle Mountain received entitlement acceptances in respect of 16,202,351 new options, leaving a shortfall of 6,922,657 new options. Applications from existing shareholders for additional shares combined with new investor demand to participate in the shortfall has led to demand significantly exceeding the available shortfall.


Mount Burgess Mining has resolved to raise funds amounting to $34,500 by way of a placement of 6,900,000 shares at an issue price 0.5 of a cent each to professional and sophisticated investors. The placement is under Listing Rule 7.1, the 15% rule, where the Company has the availability to issue up to 47,902,026 shares, so no shareholder approval is required. The issue price is at a 5.66% discount to the 5 day volume weighted average traded price and 16.66% discount to the last traded price of 0.6 of a cent.


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