Juniors tap investors for $6m

Local explorers MacPhersons Resources and Venture Minerals have announced plans to raise a combined $6.3 million to fund ongoing work at their respective prospects in the state.

MacPhersons says it has received firm commitments for the placement of 22.6 million shares at 13 cents each to raise $2.9 million, plus a further $1.5 million by way of a share purchase plan at the same price.

The price represents a 19.7 per cent discount to the company’s 10-day volume-weighted average price.

MacPhersons will use the proceeds from the raising to advance drilling work at its Boorara gold project near Kalgoorlie.

Patersons Securities and Bell Potter Securities acted as joint lead managers to the raising.

Meanwhile, Venture plans to raise $1.9 million from investors, through the placement of 95 million shares at 2 cents each.

The funds raised will be put towards future drilling programs at its Caesar nickel-copper project north-east of Geraldton, and at its South West lithium project down south.

MacPhersons shares were 14.7 per cent lower to 14.5 cents each at the close, while Venture shares were 4.1 per cent lower to 2.3 cents each at the close.