Nedlands-based gold explorer Reward Minerals Ltd and fellow Nedlands company Dynasty Metals Australia Ltd will both raise money through placements, the companies announced today.
Nedlands-based gold explorer Reward Minerals Ltd and fellow Nedlands company Dynasty Metals Australia Ltd will both raise money through placements, the companies announced today.
Reward will raise almost $4.5 million before costs through the placement of 6.6 million shares at 68 cents to institutional clients of Shaw Corporate Finance, with funds raised used to advance the company's potash projects.
Dynasty will raise $1.3 million through the placement of 5 million shares at 26 cents each, with funds raised to be used to advance its uranium exploration activities and energy portfolio.
The full text of the company announcements are pasted below
Reward Minerals Ltd (RWD) is pleased to advise that today it has agreed to place 6,600,000 fully paid ordinary shares with institutional clients of Shaw Corporate Finance at an issue price of 68 cents per share to raise $4,488,000 before costs.
The funds have been raised to accelerate progress on the Company's exciting Potash projects.
In particular the Company aims to proceed with pilot scale metallurgical testwork, engineering design and feasibility studies related to development of its Lake Disappointment Potassium Sulphate project.
It is also proposed to proceed with drilling of a number of the Company's buried evaporites targets to assess their potential to host world class potash resources similar to those found in Canada, Belarus and Europe.
Negotiations regarding drilling equipment and contract terms have been under way for some time.
The Company is seeking to finalise arrangements and commence drilling in the near future following completion of the current capital raising.
Uranium and energy company Dynasty Metals Australia Ltd (ASX: DMA) ("Dynasty") today announced that it has agreed to issue 5,000,000 shares at a price of $0.26 per share to institutional and sophisticated investors to raise A$1,300,000.
This increases the Company's issued capital to 38.5 million shares. Appendix 3B will follow.
The funds raised will be used to accelerate exploration activities and advance Dynasty's growing energy portfolio.
The Company is focused on uranium exploration in Western Australia, the Northern Territory and Botswana (upon grant).
Dynasty Metals Managing Director Rita Brooks said; "This placement enables us to move more aggressively on our uranium targets and capitalise on strong sector growth."
"Supplementing these plans, we continue to develop a suite of projects across Australia, including Coal Seam Gas," Ms Brooks said.
An extensive seismic program will commence this weekend over the recently granted Special Prospecting Authority(SPA) for Coal Seam Gas in the North Perth Basin.
