Fund Raising across the Boards
THE FUND RAISER: Some solid action across the Fund Raising front this week.
$6M Capital Raising for Cambodian gold project
Renaissance Minerals (ASX: RNS) has resolved to raise $6 million through a heavily oversubscribed equity placement, being made to new and existing institutional and sophisticated shareholders.
The funds raised from the Placement will enable the company to accelerate exploration activities at its 100 per cent-owned Cambodian gold project, which will include drill testing a number of new prospective targets in close proximity to the Okvau deposit.
“The raising was well supported by both new investors and long term supporters of the company,” Renaissance Minerals managing director Justin Tremain said.
“The support shown by some of the company’s largest shareholders demonstrates a high level of confidence in the company.
“Renaissance is now well funded to accelerate its activities in Cambodia, in particular around the 1.2 million ounce Okvau deposit.
“We look forward to a very active period of exploration and news flow over the coming months.”
Raising to fund exploration push
Alligator Energy (ASX: AGE) has entered into a share subscription agreement involving a group of sophisticated investors, which involves a commitment to take a $1.23 million share placement.
This commitment forms part of an approximately $4 million capital raising to drive the next phase of Alligator’s uranium exploration strategy in the Alligator Rivers Uranium Province in the Northern Territory.
The company said the capital raising will provide a solid foundation for it to pursue its exploration strategy to drill test existing priority targets on the Tin Camp Creek project area and assess additional targets generated by recent geophysical surveys.
Placement raises more exploration funds
Horseshoe Metals (ASX: HOR) has raised a further $120,000 by way of a placement of six million new shares to sophisticated and professional investors at 2 cents per share.
This placement brings the total amount raised in the company’s recent capital raising activities to over $1.34 million.
The funds will be used to fund ongoing exploration program at its copper/gold projects in the Gascoyne region of Western Australia.
Horseshoe Metals has also been granted up to $250,000 in co-funding support from the WA State Government for deep drilling at its Kumarina and Horseshoe Lights projects.
An additional $235,000 in drilling, paid for in Horseshoe Metals’ shares in lieu of cash (which have already been issued), is to be undertaken by Whitestone Minerals by March 2015.
This brings the combined total of cash raised and third party funded drilling to $1.8 million.
Avalon Minerals completes $1.95 million placement
Avalon Minerals (ASX: AVI) has arranged a placement to raise $1.95 million to new, professional investors in Australia, United Kingdom and Hong Kong as well as a major, existing Australian shareholder.
The funds will be applied to progress the company’s Viscaria copper-iron project in northern Sweden and for working capital.
“It is pleasing to complete this placement of $1.95 million to fund the ongoing operations of the company and to progress the Viscaria project,” Avalon Minerals managing director Malcolm Norris said.
“Although the resources sector is facing challenging times, this placement confirms the solid financial support Avalon continues to receive, particularly with the renewed focus on moving the Viscaria project forward.”
MacPhersons to raise up to $10.4 million
MacPhersons Resources (ASX: MRP) is undertaking a placement to raise up to approximately $9 million (but able to take over subscriptions to $10.4 million) via the issue of fully paid ordinary shares at 16 cents each to eligible investors.
Orion Mine Finance has committed to subscribe for up to $6.5 million worth of shares in the placement if it is fully subscribed, with Orion’s equity interest to be capped at 19.9 per cent of issued equity.
MacPhersons chairman Ashok Parekh has also agreed to subscribe for up to $1 million worth of shares in the placement, subject to shareholder approval.
The placement will utilise the ASX BookBuild facility.
“The continued participation of Orion Mine Finance is welcomed by the company and will assist our ongoing program of completing the Bankable Feasibility Study,” Parekh said.
“Continued in-fill and mine plan extensional drilling is delivering exciting results.
“As chairman I am very confident of the direction we are heading in.”