Capital Watch: PolarX, PNX and more

LAST week’s capital raisings in the junior mining and exploration space.
Capital Watch: PolarX, PNX and more Capital Watch: PolarX, PNX and more Capital Watch: PolarX, PNX and more Capital Watch: PolarX, PNX and more Capital Watch: PolarX, PNX and more

Staff reporter

After recent success in drilling at the Alaska Range project, PolarX has raised A$3.9 million in a heavily oversubscribed placement.

The company will issue around 35.3 million shares at 11c to institutional and retail investors in Australia, Asia, North America and Europe.

Aetas Global Capital and Morgans acted as joint lead managers and global bookrunners, with Amvest Capital as North American co-manager.

Exploration at the Zackly deposit will accelerate.

PNX Metals has raised $3.36 million to advance its Hayes Creek polymetallic project in the Northern Territory.

Hartleys was lead manager to the 0.8c per share issue, with every share to come with a free-attaching option.

The raising was underpinned by a $2 million contribution by new cornerstone investors, Germany's Delphi Unternehmensberatung Aktiengesellschaft.

Mali explorer Indiana Resources has launched a 10-for-17 non-renounceable pro-rata entitlement offer at 6c per share to raise up to $3 million.

The funds will be used for exploration at the newly acquired Koussikoto Ouest and Kenieko Nord licenses. 

New World Cobalt has entered into an underwriting agreement with Hartleys in relation to unlisted options expiring next week.

The agreement will see NWC raise around $2 million from the options.

Funds raised will be applied to the upcoming drilling program at projects in Idaho and Nevada.

Nickel explorer Golden Mile Resources has received binding commitments to place 5 million shares at 30c per share to raise $1.5 million.

The shares will be placed to sophisticated and professional investors through Peak Asset Management.

The funds will be used for ongoing work at the Quicksilver nickel project.

Cape Lambert Resources has completed a placement of 38.9 million shares at 3c per share to raise $1.1 million.

The proceeds will be used to settle creditors of the company of around $63,000 and for exploration at the Kipushi cobalt-copper tailings project in the Democratic Republic of Congo.

Spitfire Materials chairman Peter Buttigieg and executive director Neil Biddle have agreed to lend the company $1 million.

The company can draw down on the loan between the earlier of the completion of its merger with Excelsior Gold or November 30, with the loan carrying an interest rate of 12.5% per annum.

Lead-zinc explorer Europa Metals has raised £563,516 via a placement arranged by joint broker Turner Pope Investments.

The proceeds will be applied to the Toral project in Spain.

Finally, PepinNini Lithium has placed 24.6 million shares at 1.5c each in three separate placements to raise $368,800 for the Salta project in Argentina.