Fund Raising across the Boards
THE FUND RAISER: Always good to see funds raised and then put to good use out in the field.
US$45M Facility for Tembang gold project
Sumatra Copper & Gold (ASX: SUM) announced its wholly-owned subsidiary, PT Dwinad Nusa Sejahtera, has signed a senior secured debt facility of up to US$45 million with Nomura Singapore Limited and Indonesia Eximbank.
The Facility is to fund the commercial development of the company’s Tembang gold project located in southern Sumatra, Indonesia.
$1.69 million for Big Springs project
Anova Metals (ASX: AWV) has received firm commitments for a capital raising of $1.69 million at 4 cents per share from sophisticated and professional investors.
The funds will be used primarily for drilling and permitting programs at the company’s 100 per cent-owned Big Springs project in Nevada, USA.
Drilling will commence immediately at South Sammy with planned drilling at North Sammy to be undertaken in mid-November.
Non-Renounceable Rights Issue
Antipa Minerals (ASX: AZY) announced a non-renounceable rights issue to raise up to approximately $650,000.
Net proceeds in conjunction with the company’s existing cash reserves will be used to advance the search for a joint venture partner, fund tenement costs and for general working capital.
New shares will be offered on the basis of two new shares for each three shares held.
The offer price of the new shares will be 0.5 cents per new share with one free attaching listed option exercisable at one cent with an 18 month exercise period.
The company’s directors have indicated that they will participate in the offer by accepting their entitlement for an aggregate amount of approximately $90,000.
Institutional Equity Placement
Kula Gold (KGD: ASX) has completed an equity placement to institutions and sophisticated investors of approximately 59.33 million fully paid ordinary shares at 6 cents each to raise approximately $3.56 million.
The funds raised by the placement, net of offer costs, will be approximately $3.3million.
These funds will be used for further exploration of the targets successfully delineated by recent helimag geophysics survey and structural interpretation, and for working capital.
“The successful share placement raising approximately $3.56 million and the expected discharge of the debt under the working capital facility is a great outcome,” Kula Gold CEO Stuart Pether said.
“The company will be re-positioned debt free and with available funds.
“This will allow us to apply funds to further test our new exploration model on Woodlark Island with a view to developing targets, ready for resource definition drilling and growing the resource inventory.”
$2 million to Sophisticated Investor
Aguia Resources (ASX: AGR) has secured a $2 million placement with Sulliden Mining Capital comprising of 40 million shares at an issue price of 5 cents per share.
“We are delighted to have been able to secure the next stage of the company’s funding,” Aguia Resources managing director Prakash Hariharan said.
“Sulliden is seeking to invest in high quality projects.
“Sulliden’s financial commitment to develop Aguia presents a great opportunity for the team to aggressively embark on an exploration program to unlock value.”
Capital Raising
Nemex Resources (ASX: NXR) has entered into an agreement with Cicero Advisory Services to raise $360,000 through a private placement.
Nemex proposes to issue 12 million shares at an issue price of 3 cents per share, together with 6 million attaching options (exercisable at 5 cents on or before 31 December 2015).
The monies will provide funding for the company’s ongoing working capital requirements.
The capital raising is scheduled to close on or around 24 October 2014.