04/06/2009 - 15:54

WA juniors line up to raise $10m

04/06/2009 - 15:54

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Three Western Australian junior explorers are the latest in a string of companies to head to market for fresh equity, today unveiling plans to raise a total of nearly $10 million.

Three Western Australian junior explorers are the latest in a string of companies to head to market for fresh equity, today unveiling plans to raise a total of nearly $10 million.

Uranium explorer Uran, gold explorer Manas Resources and Jameson Resources today unveiled their capital raising plans in a bid to progress their respective projects.

Manas plans to raise $6 million through two components; a $4 million share placement managed by Blackwood Capital and Patersons Securities, and a $2 million one-for-three rights issue.

Overall, 60 million shares will be issued at a discounted 10 cents each. Shares in Manas closed down 0.5c at 12c today.

Manas said proceeds from the raising will be primarily used for exploration efforts at its suite of projects to increase its current resource of 875,000 gold ounces.

Meantime, Uran has entered into an underwriting deal with Sydney-based Transocean Securities to raise up to $2 million through a placement and a one-for-one rights issue.

Shares issued under both components of the raisings will be priced at three cents each - half the price of today's closing price of six cents.

Funds raised will be used to progress the Grants Ridge uranium project in New Mexico.

Uran has the right to earn a 65 per cent interest in the project from joint venture partner Uranium Energy Corp by spending $US1.5 million, the issue of 3.25 million shares and completing a feasibility study within five years.

Lastly, Jameson plans to raise around $1.7 million through a share placement predominately to overseas-based institutional investors.

The raising will be managed by Chess Capital Partners.

The placement will provide the first tranche of working capital required for the recommissioning of the Basin coal mine in British Columbia.

Shares issued under the placement will be priced at 25c each, a discount to today's closing price of 31c.

 


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