Junior miners boost coffers by $15 million

Junior miners Gold Road Resources, Rox Resources and Nkwe Platinum are raising a combined total of $14.95 million to accelerate exploration programs at their respective developments.

Gold Road will raise the lion’s share of the funds - $7 million – through a share purchase plan priced at 11 cents per share.

Chairman Ian Murray said the company was pleased to accept oversubscriptions of $2 million.

The proceeds will be used to fund feasibility studies, ongoing exploration and to boost working capital, the company said.

Meanwhile, Rox Resources has raised $4.95 million to fund drilling programs at its Fisher East gold-nickel project in the north eastern Goldfields.

The funds were secured through a placement to clients of Patersons Securities, priced at 5.5 cents per share.

“We are extremely pleased with the response we have received from existing and new sophisticated investors which has generated $4.95 million in new funds for the company,” managing director Ian Mulholland said.

“The placement was strongly supported and has exceeded our expectations.”

Finally, Nkwe Platinum today launched a fully-underwritten entitlements issue to raise $3 million, priced at 10 cents per share.

Komodo Capital will underwrite the issue, while Kaz Capital is acting as lead broker.

Nkwe said it was also in advanced discussions with strategic partners in respect to financing its flagship Garatau platinum mine in South Africa.

At close of trade today, Gold Road shares dipped 4.17 per cent, to 11.5 cents, Rox Resources shares were down 1.56 per cent, trading at 6.3 cents.