Two juniors raise capital

AusQuest is set to raise $2.4 million to advance exploration projects in Western Australia and Peru, while Sagon Resources tapped the market for $1.25 million.

Ardross-based AusQuest said it secured firm commitments to raise up to $500,000 through a placement at 1.4 cents per share.

The company will also undertake a 1 for 4 pro-rata rights offer, at the same issue price, to raise approximately $1.9 million.

Hartleys is acting as lead manager to the placement and rights issue.

Funds raised will go towards exploration at its Cerro de Fierro copper project in Peru, and its Balladonia nickel prospect in WA.

Subiaco-based Sagon Resources said it secured commitments to raise $1.25 million via a share placement at an issue price of 6 cents per share.

Funds raised will be used to advance its Cummins Range rare earths project in the Kimberley.

Patersons Securities acted as lead manager to the placement.

Shares in AusQuest were down 22.2 per cent to trade at 1.4 cents each at 4pm AEST.

Shares in Sagon were down 6 per cent to trade at 6.3 cents each at 4pm AEST.