Raising funds across the Boards
THE FUND RAISER: There’s been some happy explorers boosting their coffers this week.
$2.1 million to accelerate El Roble
Mining Group (ASX: MNE) has received commitments to raise up to approximately $2.1 million by way of a placement of up to 75 million fully paid ordinary shares at an issue price of 2.8 cents per share.
It is expected the new shares will be issued on or around 31 March 2014.
The funds raised from the Placement will be applied towards further exploration and to accelerate progress towards development at the El Roble copper project in Chile.
“This injection of capital ensures the company is well positioned to execute its strategy of entering into low cost underground production very quickly,” Mining Group managing director Zeff Reeves said.
“We have identified a number of additional new areas where we see potential to support a small, high grade, underground operation and these funds will assist in accelerating our work programs to assess these new areas and move quickly towards mining if results are positive.
“To date our work has demonstrated the potential of El Roble to provide a very low cost, small scale, high-grade copper production and the next few months are looking to be very exciting for the company.”
Raises $2 million for Big Springs project
Anova Metals (ASX: AWV) is seeking to place up to 50 million new ordinary shares at an issue price of 4 cents per share to raise up to $2 million.
To date firm commitments have been received for $1.52 million, with the company anticipating the balance of funds to be committed over the next week.
The new shares will be placed with institutional and sophisticated investors.
The funds raised will allow the company to continue to advance its 100 per cent-owned Big Springs project towards production.
$1.7 million Placement
Talga Resources (ASX: TLG) has received $1.7million in funds as part of a placement to professional and sophisticated investors via the issue of 20 million ordinary shares at 8.5 cents per ordinary share.
“The company is now fully funded to complete metallurgical and other tests that will result in a dual graphite/graphene preliminary economic study of the Nunasvaara graphite project in northern Sweden,” Talga Resources managing director Mark Thompson said.
“The Placement attracted encouraging support from major shareholders including Yandal Investments Pty Ltd, a company controlled by prominent prospector Mark Creasy plus new shareholders with significant interest in the graphite space.”
$10 million in over-subscribed Share placement
Gold Road Resources (ASX: GOR) has received firm commitments to raise $10 million via a placement of shares.
The over‐subscribed Placement to existing and new institutional and sophisticated investors was completed at 17.5 cents a share.
The Company is now well-funded to continue its exploration programs and technical studies.
The funds raised, together with existing cash reserves, will allow the company to pursue an aggressive exploration strategy and studies at its Gruyere prospect, as well as to undertake additional regional exploration along the Dorothy Hills Trend and other high‐priority Gold Camp Targets.
$1.6 million to fund major gold exploration push
Genesis Minerals (ASX: GMD) is raising $1.33 million by way of an ordinary share placement to sophisticated investors and a further US$250,000 placement to Teck.
This capital raising will allow Genesis to complete a Phase 2 drill program at the Las Opeñas precious and base-metal epithermal project located in the pre-cordillera of San Juan Province, Argentina targeting the large, well mineralised breccia system discovered by Genesis drilling during 2012.
In Western Australia Genesis will commence a systematic test of a series of high-grade vein targets and surface gold anomalies that have been outlined to date at the 7km by 7km Beaker prospect at Genesis’ 100 per cent-owned Viking project near the historical gold centre of Norseman.
“Teck’s decision to invest in Genesis is positive and validates our belief in the Las Opeñas project and its potential to deliver a significant deposit,” Genesis Minerals managing director Michael Fowler said.
“The proceeds of the Placements will enable the company to complete a strong exploration push over the coming months with a significant drill program to test the potential scale and tenor of the gold-base metal mineralisation at the large Las Opeñas breccia system and a cost effective program at our local Viking project to rapidly drill-test a series of high-grade gold targets.”