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Plenty of capital raising activity among the small miners. photo: Attila Csazar

Small miners busy raising $36 million

It has been a busy few days of raising funds for Perth-based miners Aspire Mines, Rumble Resources and Australian Mines.
Aspire Mining today announced a $16.5 million renounceable rights issue to reduce debt and fast-track its Nuurstei Coking Coal project in Northern Mongolia to production in 18 months.
Australian Mines requested a halt to trading yesterday pending a release of an announcement of a share placement, thought to raise up to $15 million, to institutional investors in the UK, Hong Kong and Australia. The company expected to resume trading on Monday.
The halt comes after a fantastic October for the company during which its share price rocketed from 1.5 cents to 11 cents.
Rumble Resources told the market it had successfully raised $4.8 million in a heavily over-subscribed placement.
Rumble managing director Shane Sikora said the funding ensured the company could fast track any success seen in its current drill program at Braeside and commence a works program over its Barramine Cu-Pb-Zn-Ag and Earaheedy Zn projects.
Aspire closed 0.4 cents down 1.5 cents a share, and Rumble shares were 8 cents when last traded. Australian Mines shares were 9.7 cents when trading halted.

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