18/09/2019 - 15:37

Juniors to raise $13.4m through rights issues

18/09/2019 - 15:37

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Paringa Resources is seeking to raise $8.1 million, while Mali Lithium is on the hunt for $5.3 million, both via rights issues.

Juniors to raise $13.4m through rights issues
Funds Mali Lithium raises will go towards drilling at its Goulamina lithium project in Mali.

Paringa Resources is seeking to raise $8.1 million, while Mali Lithium is on the hunt for $5.3 million, both via rights issues.

Paringa will conduct a one-for-four rights issue, in addition to a $US9 million term sheet it executed with Tribeca Global Resources Credit for a 2 per cent gross royalty from a separate project

The issue price of 7 cents is a 13 per cent discount to its previous closing price.

Funds raised will go towards funding its Poplar Grove coal mine in the US as it seeks to ramp-up to a positive cash flow.

Argonaut is Paringa’s financial adviser.

Mali Lithium has launched one-for-four rights issue at 8 cents per share, a 20 per cent discount its previous closing price.

The rights issue is partially underwritten to $2.5 million by CPS Capital Group.

Funds will go towards drilling at its Goulamina lithium project in Mali.

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