Capital Watch: Magnetic, Greatland and more

THERE was a large number of capital raisings in the junior space this week.
Capital Watch: Magnetic, Greatland and more Capital Watch: Magnetic, Greatland and more Capital Watch: Magnetic, Greatland and more Capital Watch: Magnetic, Greatland and more Capital Watch: Magnetic, Greatland and more

Staff reporter

Magnetic Resources has received firm commitments to place A$4.6 million worth of shares to new and existing shareholders.

The issue price is 12c, an 8% discount to last Friday's closing price.

The proceeds will be used for gold drilling at the Hawks Nest project near Laverton, and the Mertondale and Christmas Well projects near Leonora.

London-listed, Australia-focused Greatland Gold has raised £2.65 million via a placement.

The funds raised boost Greatland's cash balance to around £6 million and will be used to accelerate exploration at its 100% owned Havieron and Black Hills prospects in the WA's Paterson Province following recent exploration success.

American Pacific Borate & Lithium has raised A$4 million in an oversubscribed placement to institutional and sophisticated investors.

Peloton Capital was lead manager and the 20c issue price represented an 11.1% discount to the last close.

The funds will enable construction-related work streams to progress at the Fort Cady project in California once the definitive feasibility study is complete in October.

Silver Mines has launched a one-for-four renounceable pro-rata entitlement offer to raise around $3.85 million.

Funds will be used to accelerate work on the Barabolar target in New South Wales.

Gold explorer Strategic Minerals Corporation has launched a one-for-eight renounceable entitlement offer.

The issue, priced at 36c per share, will raise up to $3.1 million.

Golden Rim Resources has received commitments from institutional, sophisticated and professional investors to raise around $3 million at 2.6c per share.

The company will also offer shareholders the opportunity to participate in a share purchase plan to raise up to a further $1 million.

Hartleys acted as lead manager.

The funds will be used to continue drilling the Kouri gold project in Burkina Faso.

Off the back of successful drilling last month, Classic Minerals has raised $1.8 million at 0.45c per share.

The raising will fund further work at the Forrestania gold project.

Inca Minerals is seeking up to $1.3 million via a one-for-10 non-renounceable rights issue at 0.5c per share, with each share to come with a 1c 2020 option.

The company also placed $137,500 worth of shares to Acuity Capital.

Newly renamed Great Southern Mining (formerly Forte Consolidated) has received commitments to raise around $1.27 million at 3.7c.

CPS Capital was lead manager to the placement, which will fund the next round of drilling at the Mon Ami gold project.

Magmatic Resources has lodged a prospectus for an entitlement issue to raise up to $1.22 million.

Shares are being offered at 4c each on a one-for-three basis, with each share to come with a free-attaching option.

The offer is being lead managed by CPS with the cash raised to go towards exploration.

Tin company Elementos has received commitments to raise $1.2 million in a private placement.

The placement coincided with the news the company would acquire the Oropesa tin project in Spain.

Andromeda Metals has placed $1.11 million worth of shares in an oversubscribed placement lead managed by PAC Partners.

The proceeds will be used to advance the Poochera kaolin joint venture.

Mineral sands developer Diatreme Resources has raised $427,500 and has received commitments to raise a further $500,000.

The private placement funds will be used for the Cyclone DFS.

GBM Resources has raised $900,000 in a placement to professional and sophisticated investors.

The proceeds will be used for work on the Mt Coolon gold project in Queensland.

Queensland explorer Hammer Metals has appointed DJ Carmichael to assist it with an underwritten entitlement offer to raise around $806,776.

The three-for-five offer will be for up to 161.3 million listed options at 0.5c per share with an exercise price of 3c.

RMG has raised $656,000 via the issue of notes for exploration in Chile.