Perth company Minemakers has struck a deal with an African investor that will deliver new funding of $28 million for its Baobab phosphate project in Senegal.
Minemakers entered into a memorandum of understanding with Senegalese partner Mimran Natural Resources for the sale of a 20 per cent stake in its Baobab phosphate project for about $15.6 million.
The aspiring miner will also issue about 103 million shares at 11.7 cents each to Mimran, to raise about $12.1 million.
Mimran is backed by one of the largest agrifood producers in West Africa, and is planning to use the deal to secure its nutrients chain.
“If completed, the investment and placement will deliver about $28 million in gross proceeds,” the company said in a statement.
“The additional funding will ensure the development of the Baobab project small mine is fully funded from a capital and working capital perspective, and the majority of funds raised will be available for the exploration and project development of the Baobab project beyond the small mine.”
Meanwhile, Centaurus Metals has struck a deal with Brazilian company Terrativa Minerais for the acquisition of the Aurora copper project in Brazil in exchange for $150,000 worth of Centaurus shares.
Centaurus will also conduct a $550,000 placement, with Terrativa president Ingo Wender already signed up for $200,000 worth of the raising, while the remaining $350,000 has been fully underwritten by Patersons Securities.
Following completion of the raising, Terrativa and its shareholders will become Centaurus’s largest shareholder with a 17-19 per cent stake.
