THE BOURSE WHISPERER: Golden Rim Resources has raised approximately $6.9 million (before issue costs), via a placement.

The company said the funds raised will be used to fund an extensive drilling and exploration program on its gold projects in Burkina Faso and Mali.

The placement consisted of approximately 45.9 million new fully paid ordinary shares at $0.15 per share to institutional and sophisticated investors.

 “The company is pleased to have received strong support for the fund raising, given the company is undertaking its largest ever drilling campaign,” Golden Rim Resources managing director Craig Mackay said in the company’s announcement to the Australian Securities Exchange.

 “The latest drilling results at our key Balogo project in Burkina Faso, which included 57 metres at 23.3 grams per tonne gold, suggest further work needs to be undertaken.”

In recent months Golden Rim has completed 13,000 metres of a 30,000m RC drilling contract at Balogo and 1,500m of a 4,000m RC drilling contract at Sepola in Mali.

Sepola project location map. Source: Company website

It expects to finalise a contract within the next few weeks to undertake 1,500m of diamond drilling at Balogo.

Golden Rim’s budgeted exploration expenditure for the current field season is approximately US$8 million, subject to ongoing drilling results.

THE BOURSE WHISPERER: Bannerman Resources has closed a recent oversubscribed Share Purchase Plan raising the maximum proceeds of $4 million in the process through the issue of approximately 17.8 million new Bannerman shares at an issue price of 22.5 cents (or the Canadian dollar equivalent of 23.3 cents) per share.

Further demand from institutional investors has resulted in the company agreeing to place a further eight million new Bannerman shares at the SPP offer price to a number of existing institutional shareholders in Australia, Asia and the UK, to raise gross proceeds of $1.8 million.

The combination of these transactions plus a $8.2 million share placement Bannerman completed in December last year and the recently announced extension of its existing $8 million convertible note (subject to shareholder approval to be sought at a meeting in March 2012), conclude Bannerman’s current financing activities.

New equity raised by Bannerman in the last two months now totals gross proceeds of $14 million.

Bannerman said the proceeds from its recent financing transactions will be used to fund completion of a Definitive Feasibility Study on its 80 per cent-owned Etango uranium project in Namibia, as well as confirmatory pilot plant testwork, regional exploration and drilling, and general working capital.

The company has already used $2 million of the proceeds to reduce its existing convertible note from $10 million to $8 million.

 “The strong support shown by the company’s existing retail and institutional shareholders during a difficult period in the capital markets is very encouraging,” Bannerman Resources chief executive officer Len Jubber said in the company’s announcement to the Australian Securities Exchange.

“We’re looking forward to completion of the DFS in March 2012 at which time Etango will be one of the largest uranium projects at this stage of development held outside of the major uranium producers and nuclear power utilities. Bannerman is well positioned to benefit from the growing demand for secure, low risk and long life uranium supplies.”

THE BOURSE WHISPERER: Manganese and gold exploration company Bligh Resources has entered into an option agreement to acquire an 80 per cent interest in a 546 square kilometre exploration project adjoining the company’s 136 square kilometre Bootu Creek Two manganese exploration project in the Northern Territory.

The remaining 20 per cent of the project will be retained by Universal Splendour International, a 100 per cent-owned subsidiary of Chinese manganese exploration, mining and processing company Hunan Zhenxing Co. Ltd.

The deal will result in Bligh increasing its landholding in the area to almost 700sqkm.

Bootu Creek Two project location map. Source: Company announcement

The ground is located 40kms from OM Holdings’ Bootu Creek manganese mine and the Adelaide to Darwin Rail link will also run through Bligh’s expanded exploration area.

“This transaction presents an excellent opportunity for Bligh,” Bligh Resources managing director corporate Robert Benussi said in the company’s announcement to the Australian Securities Exchange.
 
“We can significantly expand our Bootu Creek manganese project by issuing Bligh scrip, and we have further de-risked our investment by securing an eight month option term to undertake the necessary technical due diligence.

“We believe this project is highly prospective for the company and we are currently developing a comprehensive exploration program for the Bootu Creek Two Region.
 
“Particularly encouraging is the fact that we will be partnering with a large and proven manganese exploration, mining and processing business that is keen to strengthen its partnership with Bligh.

“USI’s parent company Hunan Zhenxing is a proven mining and production company, and USI itself has tenement holdings in Australia covering 15,000 square kilometres which are prospective for manganese.”

Under the terms of the agreement, which is subject to due diligence, Bligh will pay USI a non-refundable option payment of $50,000 and will have eight months to complete technical and legal due diligence on the project.

If the agreement is executed, Bligh will issue USI 750,000 fully paid ordinary BGH shares in exchange for an 80 per cent interest in the project.

Bligh will fund all exploration costs up to a Feasibility Study based on a minimum annual production of 400,000 tonnes at 30 per cent manganese.

Both parties have agreed to contribute to a Bankable Feasibility Study based on their respective project holdings.

THE BOURSE WHISPERER: Indo Mines has received the had its Company’s Environmental Impact Assessment (known as AMDAL in Indonesia) approved by the Bupati Kulon Progo (Regional Government) in relation to the company’s Jogjakarta iron project.
 
The company highlighted the importance of the approval saying it provides the green light for the Jogjakarta project to proceed, within the specified boundaries of the submission.

The AMDAL is an independent and comprehensive assessment of the significant environmental and social impacts likely to result from the proposed implementation of the Jogjakarta project.

Approval has been received for several key documents which cover the entire mine life of the Jogjakarta project and include the:

–    Environmental Impact Analysis (ANDAL);

–    Environmental Management Plan (RKL); and

–    Environmental Monitoring Plan (RPL).

The AMDAL submission was based on world best practice environmental standards along with extensive consultation with all stakeholder groups and incorporates the company’s agreements with the local community.

 “We have been working closely with our Indonesian partners and the Regional Government on the AMDAL process for three years now and this approval reflects the co-operation brought to the process by all sides,” Indo Mines managing director Martin Hacon said in the company’s announcement to the Australian Securities Exchange.
 
“It is the most significant milestone achieved to date by the company in the development of the Iron Project and provides a framework for a true partnership between the operators and the local community.”

THE BOURSE WHISPERER: Southern Gold has executed a Share Subscription Agreement with Kalgoorlie neighbour Integra Mining.

Integra has agreed to take a placement of Southern Gold shares equal to 10 per cent of the expanded share capital at five cents per share.

In parallel with the Integra share placement, Southern Gold said it intends to offer eligible shareholders the opportunity to participate in the fund raising through a non-renounceable pro rata rights issue to raise up to $3 million.

Southern Gold has earmarked the funds raised from the Integra share placement to advance current evaluation studies on development of the company’s Cannon gold resource.

The company expects the majority of funds raised from the proposed rights Issue will be spent on near-Cannon resource exploration and regional exploration of the Bulong project, also in Western Australia.

Sketch map showing Southern Gold’s tenement package and proximity to
Integra’s tenement package and nearby gold processing facilities.
Source: Company announcement

“This initial business relationship with Integra Mining is seen as a key step forward in realising value from our exploration success at the Bulong gold project,” Southern Gold managing director Nanette Anderson said in the company’s announcement to the Australian Securities Exchange.

“The funding premium to the current share price highlights the value placed by our industry peer on the high quality and potential of the Cannon gold resource; these are near surface gold ounces which warrant economic evaluation.

Southern Gold acknowledged the commercial success Integra has had with the exploration and recent development of several nearby gold resources.

“We see a strong business synergy and added value in our relationship with Integra in the evaluation and possible development of the Cannon gold resource,” Anderson said.

Integra Mining managing director Chris Cairns the transaction with Southern Gold is in keeping with his company’s strategy of growing its gold business and generating shareholder value.

“We see Southern Gold as a solid investment with real opportunity for near-term gold production along with a prospective tenement portfolio nearby to our operations,” Cairns said.

Integra has agreed, pursuant to the Share Subscription Agreement to take up its full entitlement under the proposed rights issue subject to certain conditions.

If the proposed rights issue is not fully subscribed, Integra will have the right to elect to underwrite the shortfall to a level agreed by Southern Gold.

In the announcement Southern Gold said full details of the proposed Rights Issue are expected to be announced in early February 2012.