Corporate finance deals Sep 24 to 28, 2018

Lepidico is pleased to advise that the Renounceable Entitlements Offer announced on 3 September 2018 has been well supported by the Company’s shareholders and new investors and closed significantly oversubscribed. The Company has raised $7.9 million and will issue 417,877,158 new shares and 208,938,579 new options in accordance with the Offer timetable. The new options will be listed under the ASX code LPDOA. Due to overwhelming demand, the Company has agreed to place a further 13,157,894 fully paid ordinary shares at $0.019 with 6,578,947 attaching LPDOA options to raise an additional $250,000. Shareholder approval is not required for the Placement, which will be made using the Company’s existing capacity under Listing Rule 7.1. Funds from the Placement will be used to supplement working capital.

MGC Pharmaceuticals is pleased to announce it has signed a Binding Term Sheet to sell 100% of MGC Derma to Canadian private cannabis investment company, CG Partners Ltd trading as Cannaglobal as part of a strategic partnership, for C$12.5m in Cannaglobal equity, a C$2.5m loan repayment to MXC and a 5-year CBD and cosmetic materials supply agreement.

Tando Resources is pleased to announce more significant progress in its plan to become a major vanadium producer, with the Company completing the acquisition of the SPD Vanadium Project in South Africa.

Titan Minerals is pleased to announce that it has completed compulsory acquisition of the remaining ordinary shares in Andina Resources under the compulsory acquisition provisions of the Corporations Act 2001 such that Titan now holds 100% of Andina.

Alderan Resources is pleased to announce that it has received firm commitments to raise $3 million through a private placement to issue 15 million shares at a price of $0.20 per share. The placement was well supported from existing and new institutional shareholders.

Baraka Energy and Resources wishes to advise that the Company’s Share Purchase Plan closed on 26 September 2018 with applications received from eligible shareholders totalling $785,000. There has been significant interest in the shortfall shares under the SPP offer and post the Annual  General Meeting, Baraka is confident it will place the shortfall shares to unrelated exempt investors utilising its Placement capacity.

Gascoyne Resources is pleased to advise that $5 million has been raised through a well supported Share Purchase Plan and a placement of the SPP shortfall to sophisticated and institutional investors. This raising, along with the previous $19 million placement that was announced on the 20th of August, has seen the Company raise $24 million before costs to strengthen the Company’s balance sheet and provide additional financial flexibility as the Dalgaranga Gold Project in the Murchison region of Western Australia ramps up towards commercial production, which is expected in the December quarter. The SPP was well supported with approximately 75% takeup, with the shortfall of approximately $1.3 million (4,431,667 shares) placed to sophisticated and institutional investors under the Company’s existing placement capacity under ASX Listing Rule 7.1A. An Appendix 3B in respect of the SPP and placement will be issued in due course.

GBM Resources is pleased to announce the signing of a binding Sale and Purchase Agreement with Minjar Gold Pty Ltd whereby GBM will acquire 100% ownership of the Twin Hills Gold Project. Acquisition cost is $1.5 million on a partially deferred settlement basis, down from the $2 million cost initially reported in December 2017.

Target Energy is pleased to announce that it has entered into a binding agreement to restructure and recapitalise the Company. Under the Agreement, Target has agreed to sell 100% of its interests in the Fairway Project to Fairway Energy. Divestment of the Fairway Project to Fairway Energy Ltd in exchange for extinguishing: 90% of the face value of the existing Convertible Noteholder debt, equating to approximately $8.07M; 100% of the Accrued Interest on the Convertible Noteholder debt, equating to approximately $1.68M; Conversion of remaining Convertible Noteholder debt (10%), existing Secured Loans (100%) and 25% of outstanding Director’s fees, totalling approximately $3.77M, into Target shares at $0.001 per share (pre‐consolidation basis)

Technology Metals Australia is pleased to announce a placement of 12,000,000 fully paid ordinary shares at a price of $0.50 per share, to raise $6,000,000 before costs. The issue price represents a 12% discount to the 15 day volume weighted moving average price.