Funds across the Boards
THE FUND RAISER: Sirius Resources set the cat amongst the fund raining pigeons this week.
$189 million to fund Nova
Sirius Resources (ASX: SIR) announced a share placement to eligible institutional and sophisticated investors.
The size of the offer is somewhat larger than what we have become accustomed to of late as the company looks to raise approximately $189 million by issuing approximately 49.5 million new ordinary shares.
The price to participate is $3.82 per ordinary share, representing a 6.4 per cent discount the last traded price before the company went into a trading halt to announce the raising of $4.08 and a 3.9 per cent discount to the 5 Day VWAP of $3.98.
The proceeds will be used for the development and construction of the company’s Nova Nickel project, ongoing exploration activities and for general corporate purposes.
Share placement raises $7.5 million
Thundelarra Limited (ASX: THX) completed a placement to raise $7.5 million by the issue of approx. 39.47 million shares at a price of 19 cents each.
The funds raised will enable Thundelarra to accelerate and expand the exploration programs required to follow up the recent drilling results at the company’s 90 per cent-owned Doolgunna projects, which included the drill intercept at Red Bore of 7.05m (true width unknown) of massive chalcopyrite (primary copper sulphide) grading 28.4 per cent copper, 1.3 grams per tonne gold and 32.2g/t silver in diamond drill hole TRBDD09, from 29.95 m down hole (only 28m below surface).
$1.14 Million capital raising
GBM Resources (ASX: GBZ) announced a $1.14 million capital raising by way of a placement of 57 million ordinary shares at two cents each.
The company will issue a free attaching option, exercisable at 3.5 cents each expiring 30 June 2016, for each share subscribed for in the share placement.
The funds raised will be used to advance existing exploration programs, provide working capital and to allow the company to assess potential corporate opportunities.
Investment to underpin acquisition of Leonora gold project
Kin Mining (ASX: KIN) has secured a $3 million cornerstone investment, enabling it to complete its acquisition of the Leonora gold project in Western Australia.
Kin has entered into a Share Subscription Agreement with private Australian company Geolord Resources, under which Geolord has agreed to invest $3 million through a share placement at 15 cents a share, to be completed in two tranches, subject to shareholder approval.
Kin said the deal was critical in terms of the completion of its transaction with the Deed Administrator to acquire all the issued capital of Navigator Mining, which holds the assets in the Leonora gold project.
The company has already paid a $200,000 deposit for this acquisition, with a balance of $2.5 million required to complete the transaction.
Additional funds for exploration
Horseshoe Metals (ASX: HOR) has raised $425,000 via a placement of 21.25 million new shares to sophisticated and professional investors at two cents per share.
The Placement was made by the allotment of part of the shortfall shares following the company’s recent non-renounceable pro rata entitlement issue.
The completion of this placement brings the total amount raised in recent capital raising activities to over $1.2 million.
The funds will be used to fund ongoing exploration programs at its copper/gold projects in the Gascoyne region of Western Australia.
In addition, Horseshoe Metals has been granted up to $250,000 in co-funding support from the WA State Government for deep drilling at its Kumarina and Horseshoe Lights projects.
An additional $235,000 in drilling, paid for in Horseshoe Metals shares in lieu of cash (which have already been issued), is to be undertaken by Whitestone Minerals, which is controlled by Horseshoe Metals director Michael Fotios.
This brings the total of cash raised and third party funded drilling to $1.7 million.