Raising funds across the Boards
THE FUND RAISER: Some Tax refunds help to boost the bank balances for the junior explorers this week.
$1.2 Million raised in Oversubscribed Placement
White Cliff Minerals (ASX: WCN) has resolved to raise up to approximately $1.2 million in a placement to professional and sophisticated investors through the issue of up to approximately 133 million new shares at 0.9 cents per share.
In conjunction with the Placement, the company has also resolved to undertake a shareholder purchase plan (SPP) on the same terms as the Placement.
White Cliff Minerals managing director Todd Hibberd said.
“We are very pleased with the strong response received for this Placement.
“The strength of the raising demonstrates the strong interest and high expectations investors have for both our high grade copper-gold project in Central Asia and the high quality nickel-copper projects we have in Western Australia.
“Funds raised from the Placement and SPP will fully fund White Cliff to trench and drill test the Aucu copper-gold discovery at Chanach, drill test four category one coincident EM and soil geochemical targets at Lake Johnston in WA and generate new nickel-copper drill targets at the Merolia project in WA.
“Trenching and drilling will commence next month on multiple targets, with assay results to soon follow.
“We’re very excited by the potential for significant discoveries at Chanach, Lake Johnston and Merolia.”
Capital Raising of $855,000
Select Exploration (ASX: SLT) has received commitments to raise $750,000 in a placement of 1.875 million shares at 0.4 cents per share to professional and sophisticated investors, many of whom are existing shareholders.
The company will also seek shareholder approval for the Directors to participate in a placement on the same terms to raise up to an additional $105,000.
The net proceeds from the capital raising will be used by the company to assess new opportunities and provide working capital toward existing operations.
Completion of $1.7M Capital raising
New Age Exploration (ASX: NAE) has entered into binding arrangements for the placement of 42.575 million new fully paid ordinary shares at 4 cents per share to raise a total of $1.703 million.
NAE’s cash reserves will stand at approximately $3.9 million at the completion of the placement, placing the company in a healthy financial position.
The proceeds of the placement, together with existing cash reserves, will be applied primarily to advancing drilling and studies on the Lochinvar coking coal project in addition to corporate costs and providing working capital.
Placement and Share Purchase Plan
Silver City Minerals (ASX: SCI) has agreed terms for a placement of new shares to its major shareholders Sentient Global Resources Fund and Fitel Nominees for a total value of $419,700.
The Placement comprises an issue of approximately 5.9 million ordinary shares at an issue price of 7.1 cents per share.
The company also announced it proposes to undertake a share purchase plan (SPP) which will provide existing eligible shareholders the opportunity to apply for up to $15,000 worth of Silver City ordinary shares at the same discount price as the placement (7.1 cents per share), without incurring brokerage or other transaction costs.
The purpose of the capital raising is to fund a drilling program to test a large intrusion-related gold-copper target generated by the company at Sellheim in Queensland and for working capital purposes.
Entitlement Offer to raise $60M
Western Desert Resources (ASX: WDR) announced a fully underwritten 6 for 25 traditional renounceable entitlement offer at an issue price of 50 cents per new share.
The Entitlement Offer will raise approximately $60 million.
Western Desert Resources non-executive director Bruce Mathieson controls or is associated with entities that collectively hold 17.98 per cent of the company’s existing shares. He has undertaken to procure that those entities take up their entitlement in full.
An underwriting agreement has been entered into between Western Desert and Ord Minnett, under which Ord Minnett has agreed to fully underwrite the Entitlement Offer.
Ord Minnett has entered into a sub-underwriting arrangement with BLM Superannuation Nominees, an entity controlled by Bruce Mathieson, under which BLM Nominees will act as sub-underwriter of the Entitlement Offer and acquire up to $14.211 million of any shortfall in applications for new shares under the Entitlement Offer.
The proceeds from the Entitlement Offer will be used to fund working capital requirements, settle derivative hedge liabilities and repay short term working capital bridge funding the company expects to draw down from Macquarie Bank prior to the end of April 2014.
$1.56 million R&D Tax rebate
Antipa Minerals (ASX: AZY) announced the receipt of a Research and Development Tax Incentive cash rebate from the Australian Tax Office of $1.56 million.
$1.32 Million Research and Development Tax refund
Gascoyne Recourses (ASX: GCY) has received a research and development (R&D) tax rebate for a total of $1.32 million as a result of the company’s activities at the Glenburgh and Dalgaranga projects over the 2012-2013 financial year.