Capital Watch: Magnetic, Walkabout and more

IN Capital Watch: Magnetic and Walkabout lead this week's fundraisings.
Capital Watch: Magnetic, Walkabout and more Capital Watch: Magnetic, Walkabout and more Capital Watch: Magnetic, Walkabout and more Capital Watch: Magnetic, Walkabout and more Capital Watch: Magnetic, Walkabout and more

Staff reporter

Magnetic Resources has received applications to raise $3.1 million via a placement at 28c,a 9% discount to the prior week's closing price.

The company had initially sought to raise $2.5 million but lifted its target due to demand.

The cash will be used to advance the Hawks Nest 9 gold project.

Graphite developer Walkabout Resources is raising $3.1 million to fund the early start program at the Lindi Jumbo project in Tanzania.

Shares will be issued at 23c each, a 10% discount to the five-day volume-weighted average price.

Eagle Mountain Mining has launched a non-renounceable entitlement offer to raise up to $2.77 million.

Shareholders can subscribe for shares at 15c each, with every two new shares to come with a two-year 20c option.

The proceeds will be used for ongoing drilling in Arizona.

Blackstone Minerals has received commitments to raise $2 million in two tranches at 5c per share.

The funds will be used for exploration in WA and Canada, as well as the newly acquired Ta Khoa nickel project in Vietnam.

Takeover target Alto Metals has secured firm commitments to raise just over $2 million in a shortfall placement and will issue a further $600,000 worth of shares to chairman Terry Wheeler.

The placement price of 3.6c is a 44% premium to the implied price of Middle Island Resources' hostile takeover offer.

Empire Capital Partners and Bluebird Capital acted as joint lead managers, with proceeds to be used for drilling at the Sandstone gold project.

Element 25 has launched a share purchase plan to raise up to $1.5 million for the Butcherbird manganese project.

Shares will be issued at 17.5c each.

European Lithium is conducting a placement to European sophisticated shareholders to raise €1.5 million for the Wolfsberg definitive feasibility study.

Botswana-focused Kopore Metals is placing up to 100 million shares at 1c each to raise $1 million.

Discovery Capital Partners and Nascent Capital Partners acted as joint lead managers.

South Korea-focused Peninsula Mines is raising up to $800,000 in a placement at 0.5c per share, a 25% premium.

Directors will seek approval to put in $100,000.

The placement will fund drilling at the Gapyeong flake graphite project.

Maximus Resources has placed 4.54 million shares at 6.8c each to sophisticated investors to raised $308,785.

South Australia's Magnetite Mines has raised $300,000 by placing 60 million shares at half a cent each.

Riversgold has raised $100,000 for working capital via the issue of a convertible note to existing shareholder Greenwich Group.