Perth-based Namakwa Diamond Company LN and Tantalum Australia NL have raised $558,000 and $550,000 respectively to fund further exploration activities.
Perth-based Namakwa Diamond Company LN and Tantalum Australia NL have raised $558,000 and $550,000 respectively to fund further exploration activities.
West Perth-based diamond explorer Namakwa Diamond Company LN issued 18.6 million shares at 3 cents per share, while Balcatta-based mineral explorer Tantalum placed 10 million shares at 5.5 cents to a Cayman-domiciled fund managed by a major New York institution.
Tantalum's funds will be utilied for the accelerated exploration of the indicative VMS base metals prospect located at Erayinia, 130 km south east of Kalgoorlie and for working capital purposes.
The placement is in addition to Tantalum's recent raising of $1.5 million.
Below are the edited announcements:
Namakwa Diamond Company NL
SHARE PLACEMENT COMPLETE 18.6 MILLION SHARES AT $0.03 EACH RAISING $558,000
Further to the Company's announcement on 5 April 2006, Namakwa Diamond Company NL (ASX: NDC) (Namakwa) is pleased to advise that it has issued 18,600,000 ordinary fully paid shares at an issue price of $0.03 per share to raise $558,000 before costs.
These shares have been issued to professional and sophisticated investors of Argonaut Securities Pty Ltd who come within one of the exemptions set out in Section 708 of the Corporations Act 2001.
The funds raised will be used to further the Company's exploration activities. Namakwa has issued these shares without disclosure to investors under the fundraising provisions of Part 6D.2 of the Corporations Act, and this notice is given pursuant to section 708A(5)(e) of the Corporations Act. As at the date of this notice, Namakwa confirms that it:
7 has complied with its financial reporting and auditing obligations under Chapter 2M of the Corporations Act and its continuous disclosure obligations under section 674 of the Corporations Act; and
7 has not excluded information from a continuous disclosure notice required to be given to Australian Stock Exchange Limited under the Listing Rules which falls within the definition of excluded information in sections 708A(7) and (8) of the Corporations Act.
Following completion of the allotment the issued capital of the Company is as set out in the attached Appendix 3B.
Tantalum Australia NL
NEW SHARE PLACEMENT COMPLETED AND NEW SUBSTANTIAL HOLDER
Tantalum Australia NL is pleased to announce that it has completed and funds received for the placement of 10 million shares at 5.5 cents to a Cayman-domiciled fund managed by a major New York institution. Together with purchases already made on market this takes the New York institution to a holding of over 30.49 million shares.
The funds will be utilised for the accelerated exploration of the indicative VMS base metals prospect located at Erayinia 130 km south east of Kalgoorlie and working capital.
This placement is in addition to the recent raising of $1.5 million at 5.0 cents completed by a major Australian broking house.