14/02/2018 - 14:37

Junior miners raise $30m

14/02/2018 - 14:37

Bookmark

Save articles for future reference.

Three Perth-based junior miners have tapped investors for more than $10 million, while gold explorer Crusader Resources will raise up to $US15 million ($19 million) as the company seeks a dual listing on London’s AIM.

Crusader Resources has a gold project in Brazil.

Three Perth-based junior miners have tapped investors for more than $10 million, while gold explorer Crusader Resources will raise up to $US15 million ($19 million) as the company seeks a dual listing on London’s AIM.

Crusader is targeting admission to the AIM in March, and the company said it would use the proceeds from the offer to complete a bankable feasibility study on its Borborema gold project in Brazil.

The company said it would also make changes to its board ahead of the AIM listing, including appointing two new non-executive directors in Andrew Vickerman and Michael Jones.

Mr Vickerman, who is based in London, is a director with DNi Technologies and previously worked at Rio Tinto for nearly 20 years.

Michael Jones is the principal of business consultancy firm Makerfield Resources, with previous experience as an executive at African Minerals and Timis Mining.

Non-executive directors Jim Rogers and Mauricio Ferreira will step down from the board.

Crusader shares finished up nearly 5 per cent at 6.4 cents each today.

Meanwhile, shares in Perth-based Accelerate Resources began trading on the ASX today after the company raised $5 million through an initial public offering.

The company has a cobalt project in Tasmania and a series of gold projects in Western Australia.

Under the offer, Accelerate issued 25 million shares at 20 cents each, which finished down at 19.5 cents today.

Accelerate is led by managing director Yaxi Zhan, who previously worked in the corporate finance sector with Sinosteel.

Non-executive chairman Grant Mooney is the principal of Perth-based corporate advisory firm Mooney & Partners and is also a director of Carnegie Clean Energy, Barra Resources and Talga Resources.

Andrew Haythorpe, who was managing director at Crescent Gold, is an executive director.

FYI Resources has raised $3 million after issuing 37.5 million shares at 8 cents each.

The company said it had received strong demand from new and existing institutional investors, with funds raised from the placement to be spent on developing its alumina processing facility.

“The funds to be raised will allow us to accelerate the completion of our pre-feasibility study due to be completed in the June quarter,” managing director Roland Hill said.

“From the results of our early study work, we expect positive results from the PFS and anticipate being able to immediately advance to a bankable feasibility study.”

Shares in FYI finished up 25 per cent at 10 cents each.

Metals Australia also announced a private placement worth $3.1 million, with the funds to be used to develop the company’s graphite project in Quebec.

A total of 627 million shares were issued at 0.5 cents each, with demand from sophisticated and professional investors.

“Metals is focused on advancing the exploration at the high-grade and near-surface Lac Rainy Graphite Project where we will commence drilling within the next three weeks,” director Gino D’Anna said.

Metals shares finished down 16 per cent at 0.5 cents each. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options