Juniors to raise $5.3m

NTM Gold is set to raise up to $3.9 million, while Encounter Resources has raised $1.4 million, as the two juniors seek to advance their exploration projects.

West Perth-based NTM raised $3.25 million via a share placement at an issue price of 3.25 cents per share.

Bell Potter was lead manager to the placement.

In addition, NTM directors Andrew Muir and Edward Van Heemst are set to subscribe for $145,000 shares, and DGO Gold has agreed to contribute around $470,000, both subject to shareholder approval.

Funds raised will go towards drilling, specifically hub discovery, at its Redcliffe gold project near Leonora.

Encounter Resources has raised $1.4 million via a share placement, including with Silver Lake Resources and its directors.

Under the deal, Silver Lake will now take a 5.3 per cent stake in Encounter after acquiring 6.7 million shares at a price of 7.5 cents each, equating to around $502,000.

Encounter’s directors will also take up a stake worth $120,000 via the placement.

The funds raised will primarily be used to advance drilling at its recently identified Lamil copper-gold prospects in the Paterson province of Western Australia.

Shares in Encounter were up 18.3 per cent to trade at 8.4 cents at 12.15pm AEST.

Shares in NTM were down 2.6 per cent at 3.8 cents at 12.15pm AEST.