Fund Raising across the Boards
THE FUND RAISER: There seems to be enough going on to suggest interest in the resources sector still exists.
$7 million JOGMEC Farm-in gets FIRB nod
Peel Mining (ASX: PEX) announced the Memorandum of Agreement (MoA) executed by Japan Oil, Gas, and Metals National Corporation (JOGMEC) and Peel (CSP), a wholly-owned subsidiary of Peel, has received Foreign Investment Review Board (FIRB) approval.
FIRB approval was the final condition precedent requiring satisfaction before the MoA became effective.
The MoA governs JOGMEC’s right to earn up to 50 per cent of the Cobar Superbasin project by funding up to $7 million of exploration expenditure on the project tenements.
“The final approval for the MoA has been a great outcome for both parties and we look forward to seeing some great exploration outcomes from the work over the coming months,” Peel Mining managing director Rob Tyson said.
“The company has been working with JOGMEC to develop a program of work for the next few months that gives us the best chance of success.
“This includes the commencement of the drilling of targets previously identified by Peel’s work on the tenement package, as well as work to generate additional exploration targets for the scond period of JOGMEC’s Farm-in, which consists of additional exploration expenditure of up $1.5 million to 31 March 2016.”
$1.25M raising oversubscribed
Rumble Resources (ASX: RTR) has completed a placement to Australian institutional and sophisticated investors to raise a total of $1.25 million by the issue of fully paid ordinary shares at 4.5 cents per share together with a 1 for 2 attaching listed option exercisable at 8 cents per share.
The proceeds from the placement will be used to fund the company’s upcoming exploration at the Fraser Range projects in Western Australia.
“We are pleased with the strong investor support received in this round of funding in a tough equity market demonstrating the quality of our projects and management team,” Rumble Resources CEO Shane Sikora said.
“The funds raised through this placement will enable Rumble to continue to systematically explore its Fraser Range projects.
“This will include our maiden drill program at the Big Red project about to commence targeting a Voisey Bay feeder system.”
$0.66M non-renounceable rights issue
Marmota Energy (ASX: MEU) is capital raising by way of a non-renounceable rights issue at an issue price one cent per share on the basis of one new share for every four ordinary shares held.
Under the offer, a maximum of almost 66 million ordinary shares will be issued to raise up to $0.66 million.
In addition, participating shareholders will be issued free, one new option for every two new shares subscribed for with an exercise price of 2 cents per option and an expiry date of 9 December 2015.
The net proceeds from the offer will be used for general working capital purposes and to fund exploration activity, including:
Durkin nickel project: (100% Marmota) (Area 2): Conducting a geophysics review, redrilling prior holes and conducting downhole EM targeting nickel prospectivity;
Melton project: (West Melton 100% Marmota, Melton and North Melton 75% Marmota) (Area 7): Conducting airborne EM, a geophysics review and a targeted drilling program focused on the Champion and Central prospects; and
Junction dam project: (uranium rights 100% Marmota) (Area 6): Drilling water wells and a production well to obtain groundwater data and ascertain permeability.
$25 million via Convertible Note Offer
Resolute Mining (ASX: RSG) is proposing to raise up to $25 million via a convertible note offer.
The offer will comprise the issue of 15 million convertible unsecured notes with a face value of $1.00 each to raise up to $15 million before costs, with the ability to accept oversubscriptions of up to $10 million.
The proceeds will be applied to undertake drilling programs and feasibility studies on the Bibiani, Syama and Buck Reef West projects; advance works on the connection of the Syama project to the main power grid; maintain ongoing operations on current projects; and for general working capital purposes.