Capital Watch: Surefire, Alt and more

MORE juniors rattle the tin for exploration funding.
Capital Watch: Surefire, Alt and more Capital Watch: Surefire, Alt and more Capital Watch: Surefire, Alt and more Capital Watch: Surefire, Alt and more Capital Watch: Surefire, Alt and more

Staff reporter

Surefire Resources has launched a renounceable entitlement issue to raise up to $3.6 million, which is being fully underwritten by CPS Capital.

Shareholders will be able to subscribe for 2.5 shares for every one held at an issue price of 1.2c per share.

Each share will come with a free-attaching 1.8c November 2019 option and a free-attaching contributing share.

The funds will be used for debt reduction, exploration and corporate administration.

Alt Resources has announced a placement in two tranches to raise up to $2.73 million.

After lead manager Canary Capital received more than $5 million in applications, the offer was scaled up today to $2.81 million.

The issue price for the placement is 5.7c per share, a 14.9% discount to the 15-day volume-weighted average price, and every three new shares will come with a 10c December 2019 option.

Of the proceeds, $600,000 will be used to complete the acquisition of Mt Ida South and Quinns from Latitude Consolidated, and to continue work on the Bottle Creek gold project.

Variscan Mines has launched an underwritten five-for-six pro-rata entitlement offer to raise around $2.25 million.

Patersons Securities is lead manager and underwriter, and directors will participate in the offer for a total combined subscription of $756,000.

The funds will be used to accelerate the development of new and existing projects in Europe and South America.

Dateline Resources is undertaking a one-for-10 non-renounceable rights issue to raise up to $2.15 million.

Directors have indicated that they will take up part or all of their entitlements.

Funds raised will be used for working capital, the development of the Colorado Gold Links project and the installation of a second egress at the Lucky Strike mine.

Azumah Resources has received binding commitments to raise $1.5 million in a private placement at 2.2c per share.

The funds will allow Azumah to finalise minor commitments at its Wa gold project and acquire the Julie West license from Castle Minerals.

Cazaly Resources has completed a placement to raise $1.54 million.

The company will use the funds to explore and develop projects, particularly its new Kaoko Kobalt project in Namibia.

Finally, Caeneus Minerals has engaged Chinsiro as lead manager in a raising of up to $1.25 million by way of a convertible note.

The company plans to use the funds to repay creditors and for exploration and working capital.