24/02/2012 - 14:45

Junior miners tap market for $24 million

24/02/2012 - 14:45

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Junior miners tap market for $24 million

Perth-based exploration juniors Jacka Resources, Excelsior Gold and MOD Resources have launched capital raising initiatives worth approximately $24 million collectively.

Jacka announced earlier today it had entered an agreement to raise $14.2 million through a two tranche placement to raise $14.2 million, priced at 13.5 cents per share.

RBC Capital markets and Patersons Securities acted as joint lead managers to the placement.

Jacka said it was now fully funded to complete its forthcoming work programs, including drilling at its Hammamet West 3 well off the coast of Tunisia and to acquire an interest in the OML 113 oil licence off the coast of Nigeria.

Jacka chairman Scott Spencer said the company was pleased with the support received for the placement.

Also today, MOD Resources announced it had received commitments from major resources investment funds to raise $6 million.

MOD said it would place 30 million shares at 20 cents each to clients of Argonaut Securities, which is lead manager to the placement.

The funds will be used to accelerate drilling programs at the company’s Botswana gold project.

Meanwhile, gold junior Excelsior Gold today announced a non-renounceable rights issue to raise just under $4 million.

Excelsior said it would offer eligible shareholders one share for every ten held on the record date, at 12 cents per share.

Funds raised through the rights issue will be applied to pre-feasibility studies at the Kalgoorlie North Gold project and its Excelsior deposit. 

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