Capital Watch: Dark Horse, Hastings and more

MORE companies raise cash, but two experience bumps in the road to attracting new funding.
Capital Watch: Dark Horse, Hastings and more Capital Watch: Dark Horse, Hastings and more Capital Watch: Dark Horse, Hastings and more Capital Watch: Dark Horse, Hastings and more Capital Watch: Dark Horse, Hastings and more

Staff reporter

Argentina-focused lithium play Dark Horse Resources has closed its 2c per share private placement with $3.44 million in firm commitments and $580,000 in proposed applications.

The company will also give shareholders a chance for subscribe for shares at the same price via a share purchase plan.

Hastings Technology Metals called a trading halt last Wednesday over a planned capital raising, but emerged on Friday to say it wouldn't go ahead.

The company said the decision to defer the raising was made due to weak capital market sentiment due to economic concerns in Europe.

Kogi Iron has also ended talks with a potential cornerstone investor after the unnamed international resources fund decided that the "disruptive risks" associated with the current section 249D notice are material.

Discussions over the potential funding of all studies for the Agbaja project in Nigeria have been suspended until a shareholder vote is held in early July.

Pursuit Minerals has received firm acceptances to raise $1.61 million in an oversubscribed placement.

The 16.1 million shares at 10c per share will be issued to institutional and sophisticated investors.

The funds will be used to advance the company's vanadium projects in Scandinavia.

Graphite developer Renascor Resources has closed an SPP, raising around $1.2 million.

After the completion of an associated placement, it takes the total proceeds for the advancement of the Siviour graphite project to more than $7.7 million.

Anglo Australian Resources has received commitments to issue 11.4 million shares at 8.8c per share to raise $1 million.

The majority of the funds will be used for exploration.

Venus Metals Corporation has launched an SPP to raise up to $400,000 at an issue price of 12c per share, a 5.9% discount to the five-day VWAP.

Funds will be used for exploration, due diligence and working capital.

Finally, Toro Energy will issue up to 600,000 new shares in an SPP priced at 2.5c per share.