West Perth explorers to raise $32.75m

Several West Perth-based junior companies have today revealed plans to raise a collective $32.75 million to progress projects in Australia, South Africa and the United States.

Nkwe Platinum today said it has raised $7.5 million to fund a bankable feasibility study on its Tubatse and Garatau platinum group metal projects in South Africa.

The company said today it had placed shares, priced at 25 cents each, with institutional and sophisticated investors.

Every two shares subscribed for came with a free attaching 35c option, exercisable at 24 months from the date of issue.

"Funds raised will be used to expedite the bankable feasibility study with Xstrata and continue with examination of other PGM [platinum group metals] opportunities," Nkwe said.

Shares in the company closed down one cent to 27c.

Oil and gas explorer Advance Energy plans to raise up to $20 million through listed convertible notes.

The notes will have a face value of $1 each and a term of five years. The minimum investment has been set at $25,000.

Advance said it is targeting a market capitalisation of more than $100 million by the end of 2012 which will be achieved through the acquisition of underperforming assets, focusing on established fields in Texas and re-evaluating existing data to identify and develop untapped recoverable reserves.

Meantime minerals explorer Hannans Reward plans to raise a total $5.25 million through a placement and share purchase plan.

The company said it will raise $4.5 million through the placement by placing shares, priced at 15.5 cents each, to institutional and sophisticated investors of Patersons Securities.

The SPP will raise $750,000 with shares priced at 15.5c each.

Funds raised will go towards exploration activities at the Forrestania nickel and gold project, Lake Johnston nickel and gold project and the Jigalong multi-commodity project.

Shares in Hannans closed down 0.5c to 19c today.