Fund Raising across the Boards

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THE FUND RAISER: Things seemed to have tapered off on the Fund Raising front this week.

Placement of $250,000 in Securities

Perpetual Resources (ASX: PEC) has agreed to issue 5 million fully paid ordinary shares at 5 cents per share ($250,000 in aggregate) to International Mining Supplies Pte Ltd.

The purpose of the Placement is to raise funds to continue with the exploration program at the Wiagdon Thrust Joint Venture project and also for working capital for Perpetual.

Completion of Share Placement to raise US$1 million

Prospect Resources (ASX: PSC) has raised US$1 million via the issue of approx. 71.9m shares at 1.5 cents each.

The share placement is to Armoured Fox Capital (Pty) Ltd, an investment vehicle represented by Sithembiso Mthethwa and Manana Nhlanhla, who Prospect identified as successful South African business people.

The company said it was pleased to secure Armoured Fox Capital as a major shareholder describing it as a South African based company with a regional outlook and as such understands growing opportunities in Zimbabwe.


Raising $340,000

Goldphyre Resources (ASX: GPH) has resolved to raise up to $340,000 through the issue of just over 15.4 million new shares at 2.2 cents per share.

The placement includes one free attaching listed option (ASX Code: GPHO) exercisable at 8 cents with an expiry date of 30 September 2016 for every share subscribed in the placement.

The funds will be primarily used for gold drilling programs at the company’s Laverton Downs project, to strengthen the balance sheet as the company assesses new project opportunities and for working capital purposes.


Non-renounceable entitlement issue

Monteray Mining Group (ASX: MRY) will undertake a one for one entitlements issue of approximately 65,400,355 shares at an issue price of 1 cent per share.

The Offer will raise up to $654,004 before costs and will be applied to funding exploration activities at the company’s Burkina Faso projects, for due diligence on additional projects for acquisition and for working capital.

Monteray has initiated a follow up exploration program at its Pepin and Guimba gold exploration permits located in central Burkina Faso.

The program, to follow up previously announced positive exploration results, will include in-fill soil sampling and a targeted ground magnetics program over auger and RC anomalies at the Pepin permit to help define targets for follow up drilling, as well as rock chip sampling and mapping at the Guimba permit.