Juniors rattle tin for funds

Junior miners Azure Minerals, Cazaly Resources, Antipa Minerals and First Graphite have raised a combined $25.1 million to fund ongoing work at their respective projects.

Azure told the market today it had received firm commitments for the placement of 395 million shares at 3.8 cents each to raise $15 million, and also plans to raise a further $3 million by way of a share purchase plan.

The placement was made available to institutional and sophisticated investors at a 9 per cent discount to the company’s five-day volume weighted average price.

The proceeds of the raising will be used to fund development and exploration work at Azure’s Alacran silver and gold project in Mexico.

Managing director Anthony Rovira said the raising had significantly strengthened the company’s balance sheet.

“The Alacran project is one of the most exciting projects I have been involved with and I am looking forward to being able to accelerate both our development and exploration programs,” Mr Rovira said.

Patersons Securities and Tectonic Advisory Partners jointly brokered the raising.

Cazaly Resources has meanwhile tapped investors for a $1.45 million capital raising.

The placement, priced at 6.5 cents per share, was a 10.5 per cent discount to the company’s 15-day volume weighted average price.

The funds will be sued to fund ongoing exploration across its portfolio of operations, in particular its Mt Tabor colbat project, its Mt Venn gold project, and the Goldfields Lithium Alliance; a joint venture between Cazaly and Lithium Australia.

Antipa Minerals announced the completion of a $3.34 million options raising, with nearly all 1 cent options exercised.

“In total of 332.3 million options were exercised by option holders,” the company said in a statement.

“Pursuant to the option underwriting agreement, Veritas Securities or its sub-underwriters will now take up 1.2 million shares in the company, comprising the shortfall.”

The funds raised will be put towards exploration work at Antipa’s Minyari Dome gold and copper tenements in Telfer.

First Graphite also announced it had completed a $2.4 million placement, which was priced at 9 cents a share.

The raising was supported by strategic investors and brokered by Far East Capital.

The proceeds of the raising will be used to fund further development of the company’s graphite projects in Sri Lanka, with production targeted for the third quarter of the year.

Azure shares were 6.8 per cent lower to 4.1 cents each at the close of trade, while Cazaly shares were 4 per cent lower to 7.2 cents each.

Antipa shares closed 2.9 per cent lower to 3.3 cents each, while First Graphite shares were worth 3.1 per cent less, at 9.2 cents each.