Mincor, Titan collectively raise $8.5m

Mincor Resources has reported a surge of demand for the company’s stock, with a $5 million share purchase plan closing early and oversubscribed, while Titan Minerals has secured $3.5 million for its Peruvian exploration operations.

The purchase plan was part of a $35 million capital raising announced late last month, with the funds to go towards Mincor’s nickel restart strategy, including early works at the Cassini and Long-Durkin nickel mines in Kambalda.

Mincor today said it had received $5.6 million of subscriptions and resolved to close the offer immediately.

The $30 million component of Mincor’s raising was backed by major shareholders Andrew Forrest and Independence Group, while Euroz and Petra Capital acted as joint lead managers. 

Meanwhile, Titan Minerals has secured commitments to raise $3.5 million to advance exploration activities at its Peruvian gold and copper operations.

Titan announced the launch of the placement, priced at 16 cents per share, to the ASX after close of trade yesterday.

Managing director Laurence Marsland said the placement was strongly supported by sophisticated and institutional investors. 

Canaccord Genuity acted as underwriter and lead manager to the placement.