Capital Watch: Axiom, Tanga and more

A number of modest raisings in the junior exploration and development space.
Capital Watch: Axiom, Tanga and more Capital Watch: Axiom, Tanga and more Capital Watch: Axiom, Tanga and more Capital Watch: Axiom, Tanga and more Capital Watch: Axiom, Tanga and more

Staff reporter

Nickel developer Axiom Mining has raised A$2.5 million in a placement to sophisticated and professional investors, with every two new 10c shares to come with a free-attaching June 2019 20c option.

The funds include $500,000 placed to two of the company's directors, subject to shareholder approval.

The cash raised will allow construction of the San Jorge mine to continue while offtake is being finalised.

Gold and nickel-cobalt explorer White Cliff Minerals has launched a two-for-one renounceable rights issue to raise up to $2.3 million.

Shares will be prices at 1.5c each, with each new share to come with a 4.5c option, exercisable by September 2020.

CPS Capital is underwriting the offer to $500,000.

Africa-focused explorer Tanga Resources has raised $2.2 million for base metals exploration in Namibia.

An entitlement issue and shortfall offer raised $1.9 million, while a placement raised an additional $250,000.

CPS Capital acted as lead manager and partial underwriter.

PanTerra Gold is seeking to raise up to $2.1 million in a partially underwritten, non-renounceable two-for-three rights offer at 2.5c per share.

The funding will allow the company to complete a prefeasibility study at its La Demajagua refractory gold joint venture in Cuba.

Minotaur Exploration has launched a share purchase plan to raise $1.75 million at 4.2c per share, an 8.7% discount to the previous close.

The funds will be used to complete the first drilling program at the Highlands copper project, co-fund drilling at the Eloise copper project, and start exploration at the new Windsor polymetallic joint venture, all in Queensland.

Gateway Mining has raised $1.5 million to underpin the next phase of drilling at its Gidgee gold project in Western Australia.

The company will issue 100 million shares at 1.5c per share to new and existing shareholders in two tranches.

Senegal gold developer Bassari Resources has received commitments to raise just over $1 million at 2c per share.

Funds will be used for development and working capital.

Auris Minerals will look to raise up to $1.02 million via a pro-rata non-renounceable option entitlement issue to be underwritten by Pinnacle Corporate Finance.

Shareholders can subscribe for one new option for every four shares held at 1c each, with options exercisable at 8c before the end of November 2020.

South Korea-focused Southern Gold has raised $1 million in a placement to strategic investors at 17c per share.

The funds will be used to complete studies on the Gubong and/or Kochang mines and a maiden resource for Weolyu.

Finally, Helix Resources has completed a placement at 3c per share, its last traded price before the issue, to raise $900,000.

Peloton Capital was the lead manager with the funds to be used for exploration at Collerina in New South Wales.