Capital Watch: Zinc of Ireland, Venture and more

ZINC of Ireland, Venture, PepinNini, DevEx, BBX, Comet, Mithril and Magnetite rattle the tin.
Capital Watch: Zinc of Ireland, Venture and more Capital Watch: Zinc of Ireland, Venture and more Capital Watch: Zinc of Ireland, Venture and more Capital Watch: Zinc of Ireland, Venture and more Capital Watch: Zinc of Ireland, Venture and more

Staff reporter

Zinc of Ireland has raised $2.05 million in a heavily oversubscribed placement at half a cent to fund drilling at the Kildare project.

Each share will come with a free-attaching option.

In addition to the placement, the company is raising $500,000 from directors, subject to shareholder approval.

Explorer Venture Minerals is raising $2.5 million in a two-tranche placement at 3c per share.

The proceeds will fund drilling in Western Australia on base metals targets.

Argentina-focused PepinNini Minerals has executed an investment agreement with Bergen Global Opportunity Fund II to raise up to $2 million.

Bergen will provide $390,826 upfront and will invest up to an additional $1.6 million via interest-free unsecured convertible notes with a 24-month maturity.

The funds will be used for the drilling of a pumping well with the potential to be converted to a pumping well at the Rincon lithium project, and to complete resource estimates.

DevEx Resources has launched a one-for-four non-renounceable pro-rata rights issue at half a cent per share to raise up to $1.1 million.

The funds will be used to fast-track drilling of the West Arnhem copper-gold-uranium project in the Northern Territory and the Dundas lithium project in Western Australia.

BBX Minerals has received commitments to raise at least $1 million for ongoing work at the Tres Estados project.

The company will place $965,000 worth of shares at 18c each to existing sophisticated and institutional investors, while the early exercise of options by management will raise another $35,000.

Graphite player Comet Resources has placed 23.5 million shares at 4c each to raise $940,000.

Every two shares will come with a 10c December 2019 option.

The raising will fund further work at the Springdale graphite project.

Mithril Resources has launched an SPP to raise up to $600,000 for nickel drilling, with $290,000 to be underwritten by Patersons Securities.

The shares will be priced at a 20% discount to the five-day volume-weighted average price up until the closing date.

South Australia-focused Magnetite Mines has raised $1.25 million in a previously announced renounceable rights issue, representing around a 60% take-up.

The company has conducted an additional private placement to raise $300,000 to fund the costs of the first issue.