THE BOURSE WHISPERER: Kin Mining (ASX: KIN) informed the market that Sydney-based investment firm, Kamara Group, has agreed to underwrite a non-renounceable rights issue to a maximum of $3.8 million.

The value equates to approximately 17.27 million shares at 22 cents per share.

“We had interest from several parties to underwrite the offer, causing us to extend the closing date slightly while we selected the best terms for our shareholders,” Kin Mining non-executive chairman Terry Grammer said in the company’s announcement to the Australian Securities Exchange.

“Kin has never been in a stronger position – we’re now fully-funded to complete the updated PFS, meet our obligations, and push forward with plans for near-term production.

“We’re on the cusp of a significant growth phase and believe this show of confidence in our board and management team is likely to encourage shareholders to take up their rights, further strengthening our future as an emerging West Australian gold company.

“This is the green light we needed to deliver on our objectives and drive additional value for our shareholders and we would like to thank Kamara Group for its support.”

According to Kin, the rights issue will raise approximately $4.9 million with company allocating the funds to more aggressively pursue its growth strategy to develop the 100 per cent-owned Leonora gold project (LGP) as well as expanding its prospective exploration program and commence a Definitive Feasibility Study at the LGP.

Kin indicated it will also use the funds to pay out secured creditor, Waterton Global Value LLP, for the acquisition of the LGP.

Email: info@kinmining.com.au

Website: www.kinmining.com.au

THE BOURSE WHISPERER: Peel Mining (ASX: PEX) announced the finalisation of terms for a share placement for the issue of new shares in the company to raise approximately $3 million.

The company said the placement of new shares is being completed at current market pricing of 16 cents per share to sophisticated investors.

Peel outlined the proceeds of the placement will primarily be used to continue to fund the company’s share of costs at the Mallee Bull copper-polymetallic deposit and also to fund investigations of the company’s 100 per cent-owned Cobar Superbasin assets  – including the new Wagga Tank project.

Peel said the funds would enable it to maintain a high level of field activities (including drilling) at multiple prospects over the medium term.

As a results of the placement Peel acknowledged Resource Capital Fund VI L.P. as a Peel shareholder.

RCF VI will participate in the placement for an amount of $2.4 million and subsequently hold approximately 9.9 per cent of Peel Mining.

Email: info@peelmining.com.au

Website: www.peelmining.com.au

THE BOURSE WHISPERER: Windward Resources (ASX: WIN) announced the expansion of the company’s strategic land holding in the Fraser Range region of Western Australia.

Windward has entered an agreement to acquire a tenement sitting adjacent to its existing Zanthus project.

The company said the new tenement covers 325 square kilometres, taking Windward’s total land holding in the Fraser Range to 2,282sqkm, which it claims to make it the third-biggest land holder in the region.

Windward is to pay $30,000 for the purchase of the tenement to a private individual, with Windward responsible for stamp duty and other related costs.

The tenement is divided into two discrete areas and is currently under application.

Windward explained that when the Licence is granted, it will remain registered to the current owner for either 12 months or until such time within that initial 12 months for sufficient expenditure to be undertaken in order to provide grounds for the Minister to consent to the transfer of title.

“The latest acquisition further strengthens the company’s immense gold, nickel and copper exploration potential in the Fraser Range,” Windward Resources executive chair Bronwyn Barnes said in the company’s announcement to the Australian Securities Exchange.

“Windward has built one of the biggest and most strategic land holdings in one of the hottest exploration regions in Australia.

“This additional tenement gives us an outstanding opportunity to expand our ground position in the highly prospective northern zone of the Fraser Range.

“Importantly, the new tenement is located on the interpreted position of the Fraser Fault with metagabbroic rocks of the Fraser Zone and the metasediments of the Arid Basin, which are regarded as key ingredients in the formation of the Nova nickel-copper sulphide mineralization located 110 kilometres to the south-west.

“As a result, it is considered highly prospective for both gold and magmatic nickel-copper sulphides.”

The announcement of the acquisition follows the company’s recent announcement that Michael Fotios-led Eastern Goldfields (ASX: EGS) is to become a cornerstone shareholder in Windward via a $2.2 million share placement.

The deal, which is subject to shareholder approval, will see Eastern Goldfields emerge with a 14.3 per cent stake in Windward.

Eastern Goldfields will also underwrite an entitlement offer to raise a further $3.8 million.

Windward boasted the combined $6 million raising added to its existing cash of circa $5 million will result in the company being well-resourced to pursue an expansive exploration program across its Fraser Range prospects.

Windward expects to outline further details of its planned exploration activity shortly.

Email: admin@winres.com.au

Website: www.winres.com.au

THE BOURSE WHISPERER: Stonewall Resources (ASX: SWJ) announced a win handed down by an Arbitral Tribunal appointed under the rules of the Hong Kong International Arbitration Centre (HKIAC).

Stonewall said the Tribunal determined in favour of the company’s claim for damages against Shandong Qixing Iron Tower Co., Ltd.

The drawn-out claim against Shandong arose from Stonewall’s termination of a Share Sale Agreement back in November 2014.

“We are very pleased that the arbitration award brings this process to a successful conclusion,” Stonewall Resources chairman Trevor Fourie said in the company’s announcement to the Australian Securities Exchange.

“Importantly, the amount awarded by the Arbitral Tribunal was based upon its acceptance of a valuation (US$127.5 million at 19 November 2014) of Stonewall’s South African gold assets, which is significantly higher than the current value placed on these assets by the market.

“Our focus is on realising the value of these assets to generate a return for our shareholders and reward their patience and forbearance.

“Payment of the award in favour of Stonewall will inject over $10 million cash to our balance sheet, which we intend to direct towards the development of our South African gold mining operations.

“Our immediate focus is on the re-commencement of gold mining and production at our Pre-Mined Residue (PMR) project to generate early cashflow and earnings for our shareholders.”

Stonewall explained that since its claim was determined in accordance with Australian law and resolved by arbitration, in English, under the HKIAC rules, the award is therefore enforceable against Shandong in China by Chinese courts.

The Arbitral Tribunal delivered its final award on 1 September 2016, in which it directed:

Shandong is to pay Stonewall US$12.6 million; plus interest on that amount at 8 per cent, compounded quarterly, commencing 1 January 2015 until paid;

Shandong is to pay Stonewall’s legal costs of $1,498,678 and is to bear 100 per cent of the Tribunal’s costs of HK$1,899,765.25;

Shandong will also have to cover 100 per cent of the HKIAC’s administration costs of HK$407,961.99.

Previous to the Find, Stonewall had entered into a funding agreement with a consortium of shareholders and associates who are entitled to 45 per cent of the award as well as reimbursement of the costs that they funded.

Stonewall said its Board of directors will now carefully evaluate the company’s position following the award, stating its intention to keep the market informed as it brings the PMR project into production targeting 25,000 ounces of gold per annum by 2017.

Website: www.stonewallresources.com

THE BOURSE WHISPERER: Lithium Australia (ASX: LIT) informed the market that the first test circuit of the company’s Sileach process is underway at ANSTO Minerals (a division of the Australian Nuclear Science and Technology Organisation).

“The first test will consist of a 24 hour commissioning run of the Sileach circuit, after which process solutions and residual solids will be examined prior to commencing continuous operations in about two weeks’ time,” Lithium Australia said in its ASX announcement.

The company explained that trilithionite (a lithium silicate) feed material, for the first pilot plant test run, was recovered from mine dumps at Lepidolite Hill in Western Australia.

Beneficial owners of Lepidolite Hill include:

Lithium Australia 40 per cent;
Cazaly Resources (ASX: CAZ) 40 per cent; and
Focus Minerals (ASX: FML) 20 per cent.

LIT said it expects to receive the results from the continuous tests on trilithionite in October.

Pilbara Minerals (ASX: PLS) has supplied spodumene concentrates for further continuous pilot testing, which is anticipated to commence at ANSTO Minerals after assessment of the tests on trilithionite.

Email: info@lithium-au.com

Website: www.lithium-au.com