Capital Watch: Maximus, Argent and more

GOLD producer Maximus Resources leads this week's raisings in the junior sector.
Capital Watch: Maximus, Argent and more Capital Watch: Maximus, Argent and more Capital Watch: Maximus, Argent and more Capital Watch: Maximus, Argent and more Capital Watch: Maximus, Argent and more

Staff reporter

Maximus Resources has signed a mandate with Taylor Collison for a $3 million convertible note.

The note matures in three years, with 10% interest payable in Maximus shares.

The funds will be used to support Maximus subsidiary Eastern Goldfields Milling Services.

New South Wales explorer Argent Minerals has launched a one-for-four pro-rata, non-renounceable entitlements offer at 1.5c per share to raise up to $1.73 million.

Every two new shares will come with a free-attaching option.

The offer will fund drilling programs at the Kempfield and Pine Ridge projects.

Consolidated Zinc has closed an SPP, raising $1.28 million and plans to place a shortfall to directors Andrew Richards and Stephen Copulos to raise another $220,000.

The proceeds will be used to purchase a 39% stake in the Plomosas zinc project.

West Wits Mining has launched a share purchase plan to raise up to $1 million.

The issue price is 1.2c, a 10.4% discount to the 10-day volume-weighted average price prior to the last close.

The company will use the cash to advance its gold projects in the Witwatersrand Basin.

Australian Pacific Coal has agreed to issue Shanghai Metal Corporation with 1.25 million shares at 80c each to raise $1 million for working capital purposes.

Forrestania explorer Marindi Metals has raised $966,494 by issuing 193 million shares at half a cent each.

The funds will be used for gold exploration.

Gold explorer Cervantes Corporation has lodged a prospectus to raise $700,000.

The company will issue up to 70 million shares at 1c each, with one free-attaching option issued for every two new shares.

Chile-focused Emu is conducting an SPP to raise up to $600,000 at 4c per share, an 18.8% discount to the five-day VWAP.

The company is planning to drill its Vidalita epithermal project.

Finally, Southern Hemisphere Mining has received firm commitments to raise $200,000 in a private placement for working capital.

The company is confident Hudbay will move to the next stage of a joint venture in Chile, which will see it receive a US$250,000 payment in February.