WA companies raising over $250m

It's been a bumper day for capital raisings on the Australian Securities Exchange, with six Western Australian mining and mineral services companies in the midst of raising $250 million in additional funding.

Canning Vale-based Ausdrill Ltd is seeking to raise $70 million, after calling a trading halt. It is understood to be planning a $50 million placement through Argonaut Securities and a $20 million share purchase plan.

West Perth-based Coote Industrial Ltd announced today it had raised $70 million through a placement, aiming to reduce recent acquisition debt and bolster working capital, subject to shareholder approval. The placement was undertaken by Bell Potter Securities

Nedlands-based Dioro Exploration NL completed its $C50 million capital raising - equivalent to around $57 million - ahead of its listing on the Toronto Stock Exchange.

West Perth-based mineral explorer Red 5 Ltd raised $35 million through east coast broking firm Southern Cross Equities. It issued 350 million shares at 10 cents each to fund an exploration program on its Siana gold project in the Philippines.

Meanwhile Conquest Mining Ltd raised $22.4 million through the placement of 33 million shares at 68 cents each to position itself for further growth and provide funding for working capital, exploration and feasibility studies. Azure Capital was its adviser while Macquarie and Tolhurst were sponsoring brokers.

West Perth-based Halcyon Group Ltd raised $1.8 million to fund the Company's Nickel Extraction Scoping Study, exploration programs and provide general working capital.

The full text of a Coote Industrial announcement is pasted below

The Directors of Coote Industrial Limited announce today they have completed a capital raising with a number of institutional and sophisticated investors for a placement of approximately 29.167 million ordinary shares in the Company, at an issue price of $2.40 per share, that will raise AUD$70 million. The placement was made pursuant to Section 708 of the Corporations Act 2001; all shares issued under the placement will rank pari passu with existing ordinary shares

The proceeds of the placement will be used to reduce recent acquisition debt and for working capital.

The placement shares are subject to shareholders' approval, which will be sought at a meeting of shareholders. A notice of meeting that sets out further details in relation to the placement will be sent to shareholders shortly.

The placement was undertaken by Bell Potter Securities Limited.

The full text of a Dioro announcement is pasted below

On 24 October 2007 Dioro Exploration NL (Company) advised that it had engaged Cormark Securities Inc, Canaccord Capital Inc, Westwind Partners Inc and CIBC World Markets Inc (Agents) to raise up to C$50,000,000 (with a minimum of C$45,000,000 through the distribution of up to 31,250,000 subscription receipts to institutional and other sophisticated investors at an issue price of C$1.60 per subscription receipt (Capital Raising).

The Board is now pleased to confirm that the Company has overnight completed the Capital Raising of C$50,000000 and has now transferred the 31,250,000 subscription receipts issued on 24 October 2007 to the relevant investors pursuant to the Agency Agreement entered into with the Agents.

The conversion of the subscription receipts into units (each unit comprising 1 fully paid ordinary share and 0.5 warrants exercisable into one share at C$2.08 within 2 years) is conditional upon the conditions precedent to the acquisition by the Company of the South Kal Project from Harmony being satisfied or waived on or before 15 December 2007.

Dioro and Harmony are in the process of finalising the conditions precedent on the acquisition of South Kalgoorlie. Dioro and consultant SRK Consulting are well advanced with the drafting of the technical reports that are required to complete the TSX listing.

The full text of a Red 5 announcement is pasted below

The issued capital of the Company will more than double following the allocation of 350 million ordinary shares to domestic institutions, international institutions and sophisticated clients of Southern Cross Equities at a price of 10 cents per share.

Allotment of the shares is subject to shareholder approval at a meeting scheduled for early December 2007. The Company's four largest institutional/corporate shareholders participated on a pro-rata basis.

Bids received were significantly in excess of the maximum sought.

Additional equity was not accepted by the Company in order to achieve the targeted debt to equity balance.

The equity raise includes sufficient funds to allow the Company to implement an aggressive exploration programme at Siana, including targeting ore body extensions from 500m to 1,000m below surface. This will commence immediately following the conclusion of the underground resource upgrade programme scheduled for completion in December 2007.

With equity and senior debt finance secured for the development of Siana, Red 5 can now transition from explorer to producer-explorer.

The full text of a Conquest announcement is pasted below

The directors of Conquest Mining Limited (ASX:CQT) are pleased to announce Conquest has successfully completed a fundraising of $22.44 million, via a placement of 33,000,000 fully paid ordinary shares at $0.68 each to Institutional, Professional and Sophisticated investors.

Azure Capital acted as Corporate Adviser to the issue with Macquarie Private Wealth and Tolhurst Ltd being sponsoring brokers to the offer.

The placement will position Conquest for further growth and provide funding for working capital, exploration and feasibility studies.

Commenting on the addition of new investors onto the register, Mr John Terpu, Managing Director of Conquest, said "the offer was opened and closed on the same day and was more than two times oversubscribed. I am pleased to say that Conquest now has on its register some of the best known investors in the country".

The full text of a Halcyon Group announcement is pasted below

Halcyon Group Ltd (ASX:HCY) is pleased to announce that it has raised a total of $1.84 million via a private placement to an institutional investor, to help fund the Company's Nickel Extraction Scoping Study, exploration programs and provide general working capital.

The funds will be raised through: