Perth miners raise $33m

Four Perth-based miners have tapped investors for more than $30 million, with Panoramic Resources raising $20.9 million for its Savannah nickel project in the Kimberley.

Panoramic announced an entitlement offer at 34 cents each, representing a 17.4 per cent discount on its 10-day volume-weighted average price, through a one-for-seven offer to eligible shareholders.

The offer has been fully underwritten by Euroz Securities.

The company said that proceeds from the raising would be used primarily at the Savannah project.

“Funds raised from the offer will be used on various critical-path pre-production activities that will reduce the lead time for a restart of the Savannah Project,” Panoramic said in a statement to the ASX.

“The balance of funds will be used on other nickel exploration targets and for general corporate and working capital purposes.”

Shares in Panoramic finished up 11.7 per cent at 43 cents.

Ironbark Zinc has also announced a $6 million capital raising and will issue 42 million shares at 6.2 cents each.

The company said it had received strong demand from institutional and sophisticated investors with Patersons Securities acting as the lead manager to the placement.

Managing director Jonathon Downs said the funds would be used at the company’s Citronen zinc project.

Shares in Ironbark were down 5 per cent to 7.3 cents at the close.

Meanwhile, Corazon Mining has raised $3.4 million in a heavily oversubscribed placement, with the company’s nickel and cobalt exploration projects now fully funded.

Corazon will issue 226 million shares at 1.5 cents each with Hartleys acting as lead manager to the placement.

The funds will be used at the company’s Mt Gilmore project in NSW and the Lynn Lake project in Canada.

Corazon shares remained unchanged today at 1.8 cents.

Cradle Resources announced a capital raising worth $2.9 million at 12 cents per share, with demand from institutional and sophisticated investors.

The company said the proceeds would be used to advance work at its Panda Hill niobium project in Tanzania.

Shares in Cradle were steady at 12.5 cents each.