18/09/2020 - 15:00

WA explorers raising $20m

18/09/2020 - 15:00

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Anglo Australian Resources is seeking to raise $14 million for its gold project near Kalgoorlie, while fellow explorers Ardea Resources and Surefire Resources have also announced capital raisings.

WA explorers raising $20m
Anglo Australian is raising up to $14 million to continue exploring its Mandilla project in WA. Photo: Anglo Australian Resources

Anglo Australian Resources is seeking to raise $14 million to fund the development of its gold project near Kalgoorlie, while fellow explorers Ardea Resources and Surefire Resources have also announced capital raisings.

Anglo Australian is planning to deliver a maiden mineral resource estimate for its Mandilla gold project by the December quarter, with a 10,600-metre reverse circulation drilling program currently under way.

The proceeds raised from an $11 million placement and $3 million share purchase plan will also go towards a resource definition drilling program planned for the Mandilla East deposit.

Drilling programs are expected to run throughout most of 2021, Anglo Australian managing director Marc Ducler said.

He said the company received strong support from the placement.

Anglo Australian will issue about 65 million shares priced at 17 cents each, with the placement jointly managed by Canaccord Genuity and Petra Capital.

The SPP, not underwritten, is also priced at 17 cents per share.

Anglo Australian shares were down 2.7 per cent at 3:12pm AEST.

Ardea Resources is raising up to $6 million, with the proceeds to fund an ongoing drilling campaign at the company’s Bardoc Tectonic Zone targets, most of which are located on its Goongarrie nickel-cobalt project.

Two rigs will target five different gold targets during this month and October, Ardea said.

It will issue about 7.5 million shares priced at 47 cents each to raise $3 million, with the placement being jointly managed by NSW companies amicaa and MST Financial.

Ardea said it would accept further bids of up to $500,000 due to strong demand for the placement.

The company is seeking to raise further funds of $2.5 million from an SPP, also priced at 47 cents.

Managing director Andrew Penkethman said the proceeds would ensure Ardea was well funded to maintain its drilling program.

Ardea will have more than $12 million in cash upon placement completion.

Its shares were down 9.4 per cent at 3:28pm AEST to trade at 48 cents.

Meanwhile, Surefire Resources is raising $1.3 million to expand its exploration campaign across its recently acquired Western Australian gold projects including the Yidby and Perenjori projects, which it acquired from Beau Resources in August.

Surefire will issue 80 million shares priced at 1.6 cents each under a placement, along with 40 million free attaching options on a one-for-two basis, exercisable at 0.6 cents each.

The placement is being managed by CPS Capital Group.

Surefire shares were up 13.3 per cent at 3:17pm AEST to trade at 1.7 cents.

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