09/04/2019 - 14:27

Juniors to raise $15.1m

09/04/2019 - 14:27

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Three junior explorers have announced capital raisings, with Beacon Minerals and Galan Lithium allocating the funds raised towards their respective flagship projects, while Pacifico Minerals is seeking to acquire a project.

Juniors to raise $15.1m
Beacon Minerals expects the processing facility at its Jaurdi gold project to be commissioned in June.

Three junior explorers have announced capital raisings, with Beacon Minerals and Galan Lithium allocating the funds raised towards their respective flagship projects, while Pacifico Minerals is seeking to acquire a project.

Beacon Minerals announced a one-for-five non-renounceable entitlement issue at an issue of 1.7 cents per share to raise around $7.1 million.

Eligible shareholders who subscribe to the offer will also receive one free attaching option for every two new shares, exercisable at 2.5 cents each with an August 2022 expiry date.

The funds raised will be used to complete the construction and commissioning of the 500,000 tonnes per annum gold processing facility at the Jaurdi gold project, located 35 kilometres north-west of Coolgardie.

Beacon said it expected the plant to be commissioned in June.

The entitlement issue is fully underwritten by Patersons Securities, which is acting as lead manager to the issue.

Managing director Graham McGarry and chairman Geoff Greenhill agreed to take up their full entitlements totalling around $1.16 million, and are also sub-underwriting the issue for a total of approximately $1.54 million.

Galan Lithium said it secured commitments from sophisticated and professional investors to raise $4 million via a share placement priced at 27.5 cents per share.

The funds will be allocated to the expansion of its maiden drilling campaign along the Candelas channel at its Hombre Muerto lithium project in Argentina.

Barclays Wells acted as lead manager to the placement.

Galan managing director Juan Pablo Vargas de la Vega said strong support was received in the placement from Australian and North American investors.

Pacifico Minerals announced it received commitments from sophisticated and professional investors to raise $4 million for a share placement at a price of 0.6 cents per share.

It said the funds would allow it to finalise its 75 per cent acquisition of the Sorby Hills project, and continue its phase two infill and expansion drilling for an updated mineral resource estimate.

The lead-zinc-silver project is located 50 kilometres north of Kununurra.

Euroz acted as a lead manager to the placement.

Shares in Pacifico were flat at 0.6 cents each at 12.30pm AEDT.

Shares in Galan were up 15.38 per cent to trade at 38 cents each at 3.55pmAEDT.

Shares in Beacon were down 9.52 per cent to trade at 1.9 cents each at 3.20pmAEDT.

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