Capital Watch: Axiom, Technology Metals Australia and more

CAPITAL raisings in the junior sector have started to pick up.
Capital Watch: Axiom, Technology Metals Australia and more Capital Watch: Axiom, Technology Metals Australia and more Capital Watch: Axiom, Technology Metals Australia and more Capital Watch: Axiom, Technology Metals Australia and more Capital Watch: Axiom, Technology Metals Australia and more

Staff reporter

Nickel hopeful Axiom Mining has launched a rights issue via a non-renounceable pro-rata entitlement offer to raise up to A$4.9 million.

The company plans to issue one new share for every 10 held at an offer price of 10c per share.

Every share will come with four attaching options, exercisable at 20c, 30, 40c and 50c, respectively, by 2027.

The issue will fund the development of the company's nickel project in the Solomon Islands.

Technology Metals Australia has announced a fully subscribed placement to raise $4.55 million.

Roughly 17.5 million shares will be issued at 26c each, with every two shares to come with a 40c May 2020 option.

PAC Partners and Patersons Securities were joint lead managers.

The funds will be used to advance the Gabanintha vanadium project.

Oakajee Corporation is seeking to raise $2-2.4 million as part of the acquisition of the Paynes Find gold project.

Shares will be offered at 8c each, for a one-for-one option attached.

Cougar Metals has lodged a prospectus for a one-for-one pro-rata non-renounceable entitlement offer at 0.2c to raise up to $1.96 million.

Every two new shares will come with a 1c March 2022 option.

The proceeds will be used for exploration in Australia and South America, reducing debt and working capital.

Kaolin play Andromeda Metals has raised $1.76 million in an oversubscribed placement to advance the Poochera project.

PAC Partners acted as lead manager to the placement, which issued shares at 0.65c per share, with one 1.2c option issued for every four new shares.

BlackEarth Minerals has completed a placement to raise $500,000 for the Maniry graphite project feasibility study.

Red Leaf Securities was lead broker to the placement, which was conducted at 6.6c per share, a 23% discount to the five-day volume-weighted average price.

The company has also launched a share purchase plan at the same price to raise up to $1.2 million.

Nexus Minerals has received commitments to raise about $1.25 million via the issue of 22 million shares at 5.7c each.

Saracen Mineral Holdings participated to maintain its 6% shareholding.

The proceeds will be used for exploration at Wallbrook, 35km north of Saracen's Carosue Dam operation.

Gold explorer Anglo Australian Resources has received commitments to raise around $1.15 million.

The placement, at 6c per share, will fund drilling at the Feysville project.

Southern Gold has completed a $1 million placement to several sophisticated investors and obtained a $750,000 loan from one of the investors.

The 18-month loan as an interest rate of 12% per annum. The investor will be issued with 4.4 million call options exercisable at 17c each.

Niuminco Group announced a non-renounceable rights issue to raise up to $933,386, but cancelled it a day later.

The issue was cancelled due to the need to issue a prospectus.

Suspended iron ore developer Sundance Resources has received another $800,000 from sophisticated investors for working capital.

Shares were issued at 0.4c per share, with each share coming with two 0.6c options.

Vanadium explorer Auteco Minerals has received commitments for a placement to raise $500,000.

Subject to shareholder approval, the company will issue 100 million shares at half a cent each.

Major Sipa Resources shareholder Ervin Vidor AM will invest a further $450,640 in the company to take his stake to 10%.

The 8.6c per share issue price represents an 11% premium to the 20-day volume-weighted average price of Sipa shares.

Finally, PepinNini Lithium has raised $294,000 via the issue of 98 million shares at 0.3c each.

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