29/10/2018 - 16:21

Corporate finance deals Oct 22 to 26 2018

29/10/2018 - 16:21

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Corporate finance deals Oct 22 to 26 2018

IMF Bentham announces it is conducting a fully underwritten institutional placement to raise $74.48 million. The Placement comprises an issue of 26.6 million new IMF ordinary shares and is underwritten by Euroz Securities at a price of $2.80 per share. IMF also plans to conduct a non-underwritten Share Purchase Plan to facilitate retail shareholder participation of up to $15,000 per eligible shareholder at the Placement Price, subject to an overall cap of $10 million (or approximately 3.57 million shares).

 

Refresh Group is pleased to announce that it has entered into a subscription agreement with Eneco Holdings, Inc and Eneco Investment Pte. Ltd for a strategic investment by Eneco Investment for fully paid ordinary shares in the Company (Shares) for up to $8.2 million to be completed under two tranches (of which the second tranche is subject to shareholder approval).

 

Strike Energy and UIL Energy are pleased to announce they have entered into a binding Takeover Implementation Deed pursuant to which Strike Energy will make a conditional off-market takeover offer to acquire all of the issued shares of UIL Energy at an offer price of 0.485 Strike Energy shares for each UIL Energy ordinary share.

 

Strong support received from existing shareholders for the Rights Issue to raise $2.4m with $1.24m received • Rights issue fully underwritten by Patersons Securities Tech Mpire is pleased to announce the results of the fully underwritten non-renounceable entitlement issue to raise $2.4 million (before costs) which opened on 8 October 2018 and closed on 18 October 2018. Under the Rights Issue, eligible shareholders were able to subscribe for three new fully paid ordinary shares for every existing five shares they hold at an issue price of $0.045 per share. For every four New Shares, subscribing shareholders will receive three listed options with an exercise price of $0.10, expiring three years from the date of issue. The Company advises that it has received valid applications under the Rights Issue from 52% of eligible shareholders totalling $1,244,037 (before costs) applying for a total of 27,645,266 New Shares to be issued at $0.045 per New Share and 20,733,950 attaching New Options (issued on the basis that for every four New Shares subscribed for, shareholders will receive three New Options). Allotment and issue of the New Shares and New Options and dispatch of holding statements is expected to occur on 25 October 2018 with trading on ASX expected to commence on 26 October 2018. Patersons Securities Limited acted as lead manager and underwriter to the Rights Issue. Valid applications raised approximately $1.25m with the balance of the Rights Issue being placed 2/2 by Patersons Securities Limited in accordance with the underwriting agreement as set in out in the Rights Issue prospectus dated 27 September 2018.

 

Consolidated Zinc wishes to advise that the Share Purchase Plan closed on 22 October 2018 raising a total of $1,289,020. Under the terms of the SPP the Company offered existing eligible investors the opportunity to subscribe for up to $15,000 worth of fully paid ordinary shares in the Company at an issue price of $0.024 per share. The Company received valid applications for 53,709,158 shares for $1,289,020 and the Company thanks shareholders for their support. A total of 53,709,158 shares will be issued under the SPP on 25 October 2018 to participating shareholders and holding statements will be despatched on that date. These shares will commence trading on 30 October 2018. Due to strong support received from existing investors including directors, Mr Andrew Richards and Mr Stephen Copulos, the Company is proposing to conduct a placement, which approximates the shortfall under the SPP, of 9,166,667 shares at $0.024 per share to raise a further $220,000. The issue of shares to Messrs Richards and Copulos will be subject to shareholder approval at a meeting to be held in December.

 

BPH Energy Limited ACN 095 912 002 is pleased to announce a pro rata non-renounceable rights offer of one (1) new fully paid ordinary share (Share) in the capital of the Company (New Share) for every one (1) Share held by eligible shareholders at an issue price of $0.001 per New Share to raise up to approximately $1,186,237 (before costs). The Company is also pleased to announce it has agreed a placement of 145,050,000 Shares at $0.001 per Share.

 

Cervantes Corporation is pleased to announce a capital raising of $700,000 by way of a Prospectus as released today. By this Prospectus, the Company invites investors to apply for a total of 70,000,000 Shares in the capital of the Company at an issue price of $0.01 per Share to raise up to $700,000 (before costs), together with, subject to Shareholder approval, one (1) free attaching New Option for every two (2) Shares subscribed for and issued.

 

Prodigy Gold is pleased to advise of the formation of the unincorporated Lake Mackay Joint Venture (LMJV) with Independence Group under the terms of the Farm-in and Exploration Joint Venture Agreement for the Lake Mackay Project. The formation of the LMJV was triggered by IGO completing its initial $6M earn-in expenditure. Initial LMJV interests of the parties will be IGO: 70% and Prodigy Gold: 30%. Both partners will now fund their respective share of agreed work programs. The formation of the LMJV commenced upon formal notification from IGO that it had met its requirement to sole fund $6M of exploration within 4 years of the election to proceed with the farmin to earn a 70% interest in the Lake Mackay tenements. The JV is purposed with:  Exploring the JV area  Carrying out feasibility studies on any defined Mineral Resource  Developing and mining any viable mineral deposit HIGHLIGHTS  IGO completes A$6M Lake Mackay earn-in and enters into 70/30 exploration JV  Eight additional soil anomalies identified from reconnaissance sampling  Thirty-nine airborne EM anomalies selected for follow-up ground EM surveys  9.6km of RC drilling included in $4.6M JV exploration budget for remainder of FY19 2 IGO and Prodigy Gold are equally represented on the operating committee with IGO being the managers of the LMJV. Both parties will be required to pro-rata fund their share of the LMJV to maintain their initial participating interest.

 

Marindi Metals is pleased to advise that it has received binding commitments to raise $965,000 through a share placement to sophisticated and professional investors to progress gold-focused exploration across its 100%-owned Forrestania Gold-Lithium in Western Australia

 

Oklo Resources is pleased to announce the Company has exercised its option to acquire 100% ownership of the Kouroufing Project.1 Kouroufing Gold S.A. is the owner of the Kouroufing Project pursuant to Research Permit number PR 17/689. As per the Agreement dated 23rd October 2017, Oklo has the Option to acquire 100% ownership of the Permit. Oklo has fulfilled its obligations by meeting a minimum expenditure totalling €117,000 in the first year on the Permit and has now elected to issue Kouroufing 648,641 fully paid shares in the Company equal to a value of 70,000,000 FCFA (approximately €106,000). The exact number of shares was determined by the volume weighted average price of Oklo shares on the Australian Securities Exchange over the 20 trading days preceding the first anniversary of the Agreement. Oklo is now entitled to a 65% interest in the Permit and the remaining 35% (for 100%) one year thereafter. If Oklo elects to apply for an Exploitation Licence in relation to any part of the area covered by the Permit, Oklo shall grant Kouroufing a 5% equity interest in the Licence and a 1% NSR royalty. Kouroufing shall grant Oklo the right to acquire Kouroufing’s equity interest in the Licence for a fixed price of US$1,000,000 payable in cash.

 

The Board of Triangle Energy (Global) is pleased to announce that it has entered into a Sale and Purchase Agreement to acquire an additional 15% participating interest in Exploration Permit TP/15. The vendor of the TP/15 Interest is Kubla Oil Pty Ltd, a wholly-owned subsidiary of Whitebark Energy. The TP/15 Joint Venture consists of; Norwest Energy, Operator (via subsidiary) 25% Triangle Energy (Global) 30% 3C Group (via subsidiary) 30% Whitebark Energy Limited (via subsidiary) 15% (to be acquired by Triangle) Summary of the key terms of the Sale and Purchase Agreement i. Upfront consideration of $3m, made up of:  $2m in cash payable within 3 business days after the execution and delivery of the ancillary assumption deeds and transfer forms in connection with the Acquisition; and  $1m in Triangle shares satisfied by the issue of 11,191,052 shares (Consideration Shares). ii. $1m Appraisal Outcome Consideration: Following an independent competent person’s report demonstrating that gross 2P plus 2C reserves exceed 8 million barrels of oil in aggregate within 4 years of the Effective Date, pay either $1m in cash or at WBE’s election, $500,000 in cash and $500,000 in Triangle shares (subject to the receipt of shareholder approval). iii. $1m First Oil Bonus: Payment on first commercial production, being the sale of oil in excess of 1,000 barrels produced from within TP/15 provided such sale occurs within 7 years of the Effective Date.

 

Triton Minerals advises that its non-renounceable entitlement offer, announced on 31 August 2018, has closed and has received strong support from shareholders. The Company received applications for approximately 29,826,305 new shares and 29,826,305 free attaching options (approximately $1,401,839), approximately 50% of the Entitlement Offer. The new shares and options will be issued on 26 October 2018. The shortfall pursuant to the Entitlement Offer is 30,550,413 shares and 30,550,413 free attaching options (approximately $1,435,869) and will be issued in accordance with the underwriting agreement between the Company and Pinnacle Corporate Finance Pty Ltd. The issue of the shortfall shares and free attaching options is expected to occur on 29 October 2018.

 

Bellevue Gold is pleased to announce that it has completed a $15 million placement of approximately 45 million shares at an offer price of $0.34 per share. The Placement was undertaken pursuant to ASX Listing Rule 7.1.

 

On 3 September 2018 the Directors of Tungsten Mining announced that the Company had agreed the terms with GWR Group for the acquisition of the Hatches Creek Tungsten Project. The purchase was conditional upon the satisfaction of certain conditions precedent, including shareholder approval under ASX Listing Rule 10.1. Following consultation with ASX the Company has been advised that the transaction as currently structured, purchase by way of cash consideration of $8.68m, cannot proceed.

 

Triple Energy advises that the Company’s fully underwritten rights issue offer closed at 5pm (WST) on Wednesday 24 October 2018. The maximum number of shares to be issued under the Offer is 28,798,422, to raise $633,565. Valid rights issue acceptances and shortfall offer subscriptions from eligible shareholders have been received in respect of 5,185,652 shares, raising $114,084. Allotment and issue of the New Shares will take place on Tuesday 30 October 2018. The remaining shortfall of 23,612,770 shares is fully underwritten by HKbased CIS Securities Asset Management. New shares will be allotted and issued to the underwriter in accordance with the Underwriting Agreement and it is expected that this will occur in the next week.

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