Fund Raising across the Boards
THE FUND RAISER: Some renewed vigour provided a bit of spark to the Fund Raising front this week.
Placement to raise $6 million
Anatolia Energy (ASX: AEK) has received commitments to raise $6 million through the issue of up to 75 million shares at 8 cents each, with 1 for 2 attaching options exercisable at 12 cents per share.
Funds raised by the Placement will be applied to complete a Pre-Feasibility Study and Environmental Impact Assessment in respect of the company’s Temrezli uranium project, undertake an extensive drilling program at its Sefaatli uranium project, and for general working capital purposes.
“We are delighted to introduce a number of new institutional investors to our share register with this placement, which demonstrates the increasing profile of Anatolia due to the high-grade, low cost nature of its Temrezli project, and potential for near-term development,” Anatolia Energy managing director Jim Graham said.
“We are also very grateful to our existing shareholders for their ongoing support.”
Share placement
Newfield Resources (ASX: NWF) has completed a capital raising of $2.5 million by the issue of approximately 8.3 million shares at an issue price of 30 cents each.
DJ Carmichael Pty Limited acted as Lead Manager to the Placement made to institutional and sophisticated investors, including existing shareholders and a range of new investors.
The capital raising provides additional funding to progress the company’s diamond project in Sierra Leone.
$8M funding package
Energia Minerals (ASX: EMX) has executed a mandate with Euroz Securities to undertake an $8 million funding package to enable it to fast-track the evaluation and development of the company’s 100 per cent-owned, high grade Gorno zinc project near Bergamo in northern Italy.
The proposed funding package comprises a $6 million share placement at 2.5c per share to sophisticated investor clients of Euroz and an underwritten $2 million non-renounceable entitlement issue to be undertaken at the same price and which is conditional on the placement receiving shareholder approval.
The mandate is subject to satisfactory completion of a due diligence review by Euroz by not later than 3 September 2014, identifying placees and Energia shareholder approval of the placement.
$2.3M R&D tax refund
Investigator Resources (ASX: IVR) has received $2.3 million as a tax refund under the Federal Government’s Research and Development (R&D) Tax Incentive program.
The refund is for expenditure in relation to experimental work conducted as part of the company’s studies of the nature of the geology and the mineral potential of the new Paris silver deposit in South Australia.
Following receipt of the refund, Investigator has approximately $7.1 million of cash on hand.
This strengthens the company’s balance sheet to drill multiple target opportunities for silver, copper and other metals across its tenements in the newly recognised Uno Province.
Placement to raise $3 million
Deep Yellow (ASX: DYL) has received firm commitments from sophisticated and institutional investors for approximately $3 million.
The placement will be for a total of approximately 179.4 million shares at 1.7 cents.
“The placement, completed with the support of the company’s advisors will place Deep Yellow in a sound position for the short to medium term, enabling us to maintain our momentum by utilising the funds to progress the flagship Omahola project and the Tubas Sand project,” Deep Yellow chairman Tim Netscher said.
“We will continue to carefully monitor all expenditure to ensure we extract the maximum value from these funds and to remove the need to return to the market in the foreseeable future.
“Deep Yellow remains highly leveraged to any positive movement in the spot price and we believe that the current level of unsustainable uranium prices should provide the impetus for a correction in the medium term.”