Fund Raising across the Boards
THE FUND RAISER: Some renewed vigour provided a bit of spark to the Fund Raising front this week.
Share Placement to raise $800,000
Spectrum Rare Earths (ASX: SPX) has received commitments to subscribe for 20 million shares at an issue price of 4 cents per share to raise $800,000.
The company said the raising has enabled it to fast track a planned deep three hole drilling program at the Skyfall magnetic end use and heavy REE project.
Placement and Rights Issue to raise over $5 million
Metals of Africa (ASX: MTA) has announced a placement and rights issue to raise $5.063 million.
The placement will be made via the issue of approximately 12.2 million fully paid ordinary shares at 15 cents per share to professional and sophisticated investors to raise $1.83 million.
A non-renounceable, fully underwritten rights issue of up to approximately 21.55 million shares at an issue price of 15 cents each, on the basis of one share for every five shares held on the record date, to raise approximately $3.23 million will complete the capital raising.
Funds raised will be put toward on-going exploration work at the company’s current projects, including upcoming drilling programs at the Rio Mazoe base metal and Montepuez graphite projects, in addition to providing general working capital.
$2.6 million for high-impact drill programs
Buxton Resources (ASX: BUX) has resolved to raise up to $1.6 million in a placement to sophisticated and professional investors through the issue of up to 8 million new shares at 20 cents per share.
In addition to the Placement, Buxton has resolved to offer eligible shareholders the opportunity to participate in a Share Purchase Plan (SPP) to raise a maximum of $1 million.
Funds raised by the Placement and SPP will be used to fund:
Drilling at the company’s Oaktree North prospect, further RC and aircore drilling of nickel-copper targets and further EM surveys at the Zanthus nickel-copper project in the Fraser Range; and
Further drilling, resource estimation and metallurgy work at the company’s Yalbra graphite project in WA, and for working capital purposes.
“We are very pleased by the overwhelming interest received for the Placement and we are pleased to offer eligible shareholders the opportunity to participate in the SPP,” Buxton Resources chairman Seamus Cornelius said.
“The strong signal of support from existing and new shareholders is a strong validation of Buxton’s assets and strategy.
“We look forward to embarking on high impact nickel-copper exploration in the Fraser Range soon and significantly advancing the very high grade Yalbra graphite project.”
Share placement raises $1.2 million
Hammer Metals (ASX: HMX) has finalised a share placement for the issue of new shares to raise $1.2 million.
The placement of approximately 8.8 million shares at 13.5 cents per share is being made to sophisticated investors.
The company will be using the proceeds (net of offer expenses) from this Placement to fund planned exploration programs and specifically for targeted drilling on its Queensland projects at Mount Isa and Mount Morgan.
Share Placement
Image Resources (ASX: IMA) has raised $1.2 million (before costs) through a placement of 10.43 million shares at 11.5 cents each, primarily to a number of sophisticated and institutional investors.
The company indicated the funds raised will strengthen its financial position allowing it to:
Kick off its fully-funded resource extension drilling program at the North Perth Basin project;
Finalise the review and representation of a base case feasibility study;
Undertake additional studies indicated as required or prudent by the review; and
Support the delivery of increased JORC compliant resource at the Boonanarring project.