Raising funds across the Boards
THE FUND RAISER: The junior explorers continue to attract plenty of financial backing.
$4.2 million to advance flake graphite projects
Lamboo Resources (ASX:LMB) has completed a capital raising, receiving oversubscriptions for the issue of 15 million shares at 28 cents each to raise approximately $4.2 million, to sophisticated and institutional investors.
“The level of demand for our capital raising has been extraordinary and in a difficult market an affirmative vindication of the strength of our flake graphite projects in
Australia and South Korea,” Lamboo Resources managing director Richard Trevillion said.
Funds have been earmarked to accelerate the resource growth at McIntosh Australia and to contribute to the steps necessary for its planned production late 2014/early 2015.
US$5 million cash received on Senegal farm out deal
FAR Ltd (ASX: FAR) has received US$5 million from Capricorn Senegal Ltd a subsidiary of Cairn Energy in relation to its Senegal Farm-out deal [following final approvals from the Senegal government].
FAR will be drilling two back to back wells in Senegal the first of which is expected to spud in Q1 2014.
The receipt of the US$5 million of cash proceeds strengthens the company’s cash position to $29.6 million as at 10 February 2014.
Rights Issue to raise $3.2 million
Octagonal Resources (ASX: ORS) has announced a non-renounceable rights issue to shareholders on the basis of three new shares for every five shares held at five cents each to raise approximately $3.2 million.
Funds raised will primarily be used for the development of the company’s Maldon gold operation in Victoria and the Hogan’s project in Western Australia, specifically:
Development and production mining of the Alliance South gold deposit (Vic);
Development and production mining of the Pearl Croydon gold deposit (Vic);
Exploration of the Burns copper-gold deposit (WA); and
General working capital, debt repayment purposes, and business development opportunities.
“In the last month we have achieved two major milestones that place us well for future growth,” Octagonal Resources managing director Anthony Gray said.
“Firstly we have demonstrated that the Alliance South deposit does contain high-grade gold that we believe will develop into a sizeable ore shoot and secondly we have gained all regulatory approvals to commence mining at the Pear Croydon deposit.
“The funds raised from this rights issue will be used for underground mining in the area of high-grade gold at Alliance South, open pit mining at Pearl Croydon, and for drilling at the Burns prospect in Western Australia where our previous exploration has indicated the potential for a significant copper-gold deposit.”
Intention to offer Rights Issue
Robust Resources (ASX: ROL) has announced it proposes to make a rights issue.
The company said the rights issue is a pro-rata non-renounceable entitlement issue of four new shares for every five shares held.
The issue price for each new share is 31 cents.
The offer seeks to raise $25.5 million and will result in the issue of around 82.3 million new shares by the company.
The purpose of the rights issue is to part fund the purchase of the Talas gold-copper project in Kyrgyz Republic, further exploration and development on the company’s tenements and for related purposes.