12/06/2020 - 15:42

Explorers to raise $19m

12/06/2020 - 15:42

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Explorers Kin Mining, Mindax and Bryah Resources have each launched capital raisings today, with the majority of the proceeds to advance drill programs in Western Australia, while Chile-focused Tesoro Resources is seeking funds to advance its El Zorro gold project.

Explorers to raise $19m
Bryah is raising funds to progress drill activities in WA. Photo: Bryah Resources

Explorers Kin Mining, Mindax and Bryah Resources have each launched capital raisings today, with the majority of the proceeds to advance drill programs in Western Australia, while Chile-focused Tesoro Resources is seeking funds to advance its El Zorro gold project.

Osborne Park-based Kin Mining is raising funds to progress the next phase of exploration at the company's Cardinia gold project in WA.

Kin is seeking up to $9.9 million from a 1-for-7 rights issue, priced at 11 cents per share, to drill across several discoveries and targets, identified as part of a drill campaign completed during the December 2019 and March 2020 quarters.

Managing director Andrew Munckton said the campaign highlighted the potential for the project to contain significant higher grade zones of mineralisation.

"Our systematic approach to exploration has paid off in spades and given us a much better idea of where and how to target the next phase of drilling," he said.

"[The drilling] will be designed both to define new resources and to identify additional discoveries with the potential to transform the perception of this project to the market.'

Kin shares closed down 4 per cent to trade at 12 cents.

West Perth-based Bryah Resources has also received commitments to raise $1.55 million from a share placement, with the proceeds to fund gold and copper drilling at the company's Bryah Basin pospects in central WA.

Managing director Neil Marston said the company was now well-funded, with over $2.3 million in cash to apply to exploration activities.

Bryah will issue up to 31 million shares priced at 5 cents each, with Hartleys acting as lead manager to the placement.

Shares in Bryah closed down 8.5 per cent to trade at 5.4 cents.

Mindax also announced today it would raise $2.1 million from a 2-for-5 rights issue, priced at 0.5 cents per share, with the funds to progress the company's Mt Forrest iron project and re-assess its Meekatharra gold project.

Meanwhile, Tesoro Resources is raising up to nearly $6 million from a share placement and rights issue to accelerate an exploration program at the company's flagship El Zorro project in Chile.

Tesoro has launched a $3.26 million share placement, as well as 1-for-8 rights issue priced at 6 cents per share to raise $2.72 million.

PAC Partners is acting as lead manager to both the placement and entitlement offer.

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