Capital Watch: NxGold, Liontown and more

ALL the fundraisings in the junior exploration space this week.
Capital Watch: NxGold, Liontown and more Capital Watch: NxGold, Liontown and more Capital Watch: NxGold, Liontown and more Capital Watch: NxGold, Liontown and more Capital Watch: NxGold, Liontown and more

Staff reporter

Vancouver-based NxGold has closed a private placement, upsizing it from C$1 million to $4.2 million due to strong demand.

The company will use the proceeds for exploration at the 80%-owned Mt Roe gold project in the Pilbara.

Liontown Resources has raised A$3 million via a placement to professional investors.

The issue price was 2.7c per share, an 11% discount to the last traded price, with Merchant Corporate Advisory acting as lead manager.

The funds will be put towards development of the company's three lithium and vanadium projects, where resources are expected over the upcoming half-year.

Potash player Davenport Resources has received commitments for a $2.1 million placement.

Each 7c share in the oversubscribed placement will come with a free-attaching 20c option, exercisable within five years.

The company will conduct a share purchase plan at the same price, capped at $500,000.

New Age Exploration has received firm commitments to place $1.6 million worth of shares to clients of CPS Securities.

The placement, at 0.65c per share, will be conducted in two tranches, with the second to require shareholder approval.

The placement will fund NAE's 50% share of phase one drilling at the Redmoor tin and tungsten project.

Fellow tungsten player King Island Scheelite has launched a renounceable one-for-eight rights issue at 5.5c per share to raise $1.49 million.

Every two new shares will come with a free-attaching 10c option, exercisable within three years.

The proceeds will be used for pre-development activities at the Dolphin project.

Marmota has raised $1 million through a placement of shares at 1.8c each.

The company said it was now fully funded to progress the Aurora Tank gold discovery and test 10 new targets next month.

Spectrum Rare Earths has agreed terms to raise around $888,888 for exploration, evaluation of the Washington gold project and working capital.

DJ Carmichael was lead manager to the placement of 111.1 million shares at 0.8c per share, a 12% discount to the last closing price.

Auroch Minerals has lodged a prospectus to raise up to $658,350 via a non-renounceable pro-rata issue of options.

The issue price will be 2c each on a one-for-three basis, with the options exercisable at 10c before the end of November 2021.

Caeneus Minerals has raised $263,356 in a placement at 0.4c per share for exploration in Nevada and WA.

Each share will come with a free-attaching 0.15c 2023 option.

Finally, GBM Resources will offer up to 30% of its current issued capital in an SPP at 0.5c per share.

The proceeds will be put towards the redevelopment of the Mt Coolon gold project in Queensland.