Raising funds across the Boards
THE FUND RAISER: The junior explorers continue to attract plenty of financial backing.
Placement of Shares
Xstate Resources (ASX: XST) has placed 20 million fully paid ordinary shares at 5 cents each to raise $1 million in working capital.
The funds have been earmarked to fund the company’s exploration activities and for working capital requirements.
“These funds will enable Xstate to purchase additional 2D seismic data and expand the scope of our joint venture leasing and prospect capture within the Sacramento Basin in California,” Xstate Resources managing director Paul Cartwright said.
$1.2M raising
Apollo Minerals (ASX: AON) has completed a $1.2 million capital raise to fund the next phase of exploration at the Titan base-precious metals project.
The project is located in the emerging iron ore copper gold (IOCG) region in South Australia’s Gawler Craton copper-gold belt, close to the Prominent Hill and Olympic Dam deposits.
The focus of Apollo’s exploration programs at the project will be the Bundi prospect, which it has identified as a high priority IOCG target with the potential to host a large scale deposit.
The capital raise was via the placement of approx. 81.6 million ordinary Apollo shares at a price of 1.5 cents per share together with one free attaching option for every two shares subscribed, with an exercise price of 3 cents per share and an expiry date of 28 February 2017.
The placement was strongly supported by existing Apollo shareholders and also new investors.
Kingsrose raises $8 Million
Kingsrose Mining (ASX: KRM) has raised $8 million via a share placement to fund ongoing development of its second mine, Talang Santo.
The proceeds will allow Kingsrose to continue mine development at Talang Santo while it awaits final approval from the Indonesian Mines Department to transition to full production.
The proceeds of the raising will be applied primarily to the ongoing mine development at Talang Santo.
“We are delighted to have received such strong support from our existing institutional shareholders,” Kingsrose managing director Scott Huffadine said.
“We undertook the placement because we wanted to ensure that the company is funded through to full production at Talang Santo.
“It also means we can continue our development work at the mine while we wait for the final approval.
“This will ensure we can ramp-up to full production as quickly as possible once the approval is granted.”
Mutiny to raise $4.15 million
Mutiny Gold (ASX: MYG) has received commitments for approx. 92.6 million at an issue price of 27 cents per share, to raise $2.5 million.
The commitment include a placement to Ausdrill (ASX: ASL), which will take a strategic shareholding in the company and be appointed as Mutiny’s preferred contractor.
The funds from the Placement will allow the company to begin drilling gold targets at its Deflector gold-copper project at Gullewa, in Western Australia’s Mid-West Region.
Mutiny also proposes a 1:10 pro rata non-renounceable entitlement offer to raise up to an additional $1.65 million.
These additional funds will be used to commence Mutiny’s 2014 drill program, which is focused on near mine extensions highlighted by Sub-Audio Magnetics (“SAM”) surveys undertaken last year.