Three junior explorers raise $12.3m

Junior explorers Magnetic Resources, Golden Rim Resources and Real Energy will tap investors in separate capital raisings worth a combined $12.3 million.

West Perth-based explorer Magnetic Resources will raise $4.6 million through the issue of around 38 million shares at 12 cents each, with the placement available to new and existing shareholders.

Proceeds from the placement will be used to fund the company’s exploration at the Hawks Nest gold project in Laverton and at the Mertondale and Christmas Well gold projects at Leonora.

Non-executive chairman Eric Lim said the funds would allow the company to ramp up its drilling campaign.

“The raising of funds comes at a crucial time for the Company as we move towards defining additional mineralisation and ultimately a resource, and these funds will allow us to pursue an aggressive program,” Mr Lim said.

Melbourne-based Golden Rim Resources announced it received commitments from institutional and sophisticated investors to raise $3 million through the issue of 116 million shares at 2.6 cents each.

Golden Rim also said existing shareholders would have the opportunity to participate in a share purchase plan which would raise up to a further $1 million, and the combined $4 million raising would advance the Kouri gold project in Burkina Faso.

Hartleys acted as sole lead manager to the placement.

Hartleys also acted as joint lead manager, along with Xcel Capital, in a $3.7 million capital raising by Sydney-based oil and gas explorer Real Energy, through the issue of around 46 million shares at 8 cents each.

The capital would be primarily used to finance operations at the company’s Windorah gas fields in Queensland.