Capital Watch: Mustang, Golden Rim and more

SEVERAL solid raisings of above A$3 million have been conducted over the past fortnight.
Capital Watch: Mustang, Golden Rim and more Capital Watch: Mustang, Golden Rim and more Capital Watch: Mustang, Golden Rim and more Capital Watch: Mustang, Golden Rim and more Capital Watch: Mustang, Golden Rim and more


Mustang Resources revised an entitlement offer to raised up to A$4.4 million.

In January, the company announced a one-for-five offer at 2.6c per share to raise $4 million, but has revised it to one-for-four at 2.3c per share to raise up to $4.4 million.

The raising will fund ongoing work on ruby and graphite projects in Mozambique.

Golden Rim Resources has received commitments to raise $3.5 million via a heavily oversubscribed placement at 4c per share.

Hartleys acted as sole lead manager to the placement, which will fund work at the Kouri gold project in Burkina Faso.

Metals Australia has completed a $3.1 million private placement to advance the Lac Rainy graphite project in Quebec.

Shares were issued at half a cent each, with each share coming with a free-attaching option, exercisable at 1c before May 2020.

High-purity alumina hopeful FYI Resources has raised $3 million to fund the completion of a prefeasibility study.

The 8c per share placement was cornerstoned by Regal Funds Management and Paragon Funds Mamagement, which hold 13% and 5% of FYI respectively.

Odin Metals has raised $3 million in an oversubscribed placement at 20c per share.

The company had been seeking $2.5 million but the decision was made to upsize the offer due to strong demand.

Also conducting an oversubscribed placement was Tyranna Resources, which secured $2.55 million for exploration at the new Eureka gold project in Western Australia.

Every two new 1.7c shares issued will come with a free-attaching option exercisable at 4c expiring in October 2021.

White Cliff Minerals has launched a renounceable pro-rata one-for-six offer at 0.3c per share to raise up to $1.65 million.

CPS Capital is underwriting the offer to $1 million, with every share to come with a free-attaching 1c option.

Copper-focused Red Mountain Mining has raised $1 million via a placement at 0.9c per share.

The funds will go towards the Mokabi-Kasiri project, as well as new opportunities and working capital.

POZ Minerals has announced a $1 million raising to progress work at the Blina diamond project in Western Australia.

The 9c per share raising, a 17% discount, comprises a $500,000 placement and a $500,000 share purchase plan.

Finally, Kogi Iron has launched an SPP at 10c per share, following the completion of a $2 million raising.