02/08/2019 - 09:59

Juniors to raise $32.5m

02/08/2019 - 09:59

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Liontown Resources, Genesis Minerals, Peak Resources, and Marindi Metals have all made capital raising announcements today as they seek to advance exploration projects.

Juniors to raise $32.5m
Genesis Minerals is seeking to advance in-fill drilling at its Ulysses gold project.

Liontown Resources, Genesis Minerals, Peak Resources, and Marindi Metals have all made capital raising announcements today as they seek to advance exploration projects.

Liontown raised $18 million at 12 cents per share to accelerate drilling at its Kathleen Valley lithium-tantalum project in Western Australia.

Shares were issued at a 14.3 per cent discount to its closing price of 14 cents on July 30.

A pre-feasibility study at the project is targeted for completion by the end of the calendar year.

Bridge Street Capital Partners, Taylor Collison, and Bell Potter Securities were the joint lead managers to the placement.

Genesis Minerals is seeking to raise $7.5 million to advance infill drilling at its Ulysses gold project.

Alkane Resources will contribute $1.4 million via a private share placement, and the balance of the raising will be a one-for-six rights issue, which Alkane will underwrite up to $4.6 million.

Both will have an offer price of 3.2 cents each, in line with Genesis’s 10-day volume-weighted average price.

Peak Resources has raised $4.8 million via a share placement for the final permitting and development approvals for its Ngualla rare earths project.

The shares had an issue price of 4 cents each and Aitken Murray Capital Partners acted as joint lead managers to the placement.

Marindi Metals struck an agreement with Forrest Capital for it to fully underwrite its previous announced one-for-one, $2.2 million rights issue at 0.1 cents per share.

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