Rare earths developer Pensana Metals has received commitments from institutional clients of RFC Ambrian and Ashanti Capital to raise A$5 million in an oversubscribed private placement.

Funds from the 2c per share private placement will be used for a prefeasibility study on the Longonjo project in Angola.

Fresh from securing an investment from Lundin Mining, PolarX has launched a one-for-seven rights issue at 8c per share to raise up to $4.26 million.

The funds will be used for exploration outside the Lundin joint venture.

Argentina-focused lithium explorer Lake Resources has secured commitments to raise $2.4 million.

Every two new 9c shares will come with a 10c option, expiring in July 2021.

Newly refocused copper explorer Arc Exploration has raised $2.25 million via the issue of 11.25 million shares at 20c each to institutional and sophisticated investors.

Shareholders already approved the placement, with proceeds to be used to explore and evaluate the Cue copper project.

E2 Metals has received commitments from professional and sophisticated investors to raise $2.2 million.

The 15.5c issue will be conducted in two tranches, with proceeds to be used to accelerate exploration in Argentina.

Gold explorer Alt Resources has raised $1.35 million in a placement lead managed by DJ Carmichael.

Proceeds from the 2c placement, to be conducted in two tranches, will fund drilling at Mt Ida.

Six Sigma Metals has raised $500,000 in a placement at 0.4c, a 20% discount to the previous price, with a free 0.8c option issued for every two new shares.

The company will also launch an SPP to raise a further $250,000 at the same price.

Graphite explorer Metals Australia has completed a private placement to raise $423,720.

Subject to shareholder approval, each 0.18c share will come with two 0.35c options, exercisable by June 2022.

Finally, Krakatoa Resources has received commitments raise $275,000 in a placement to fund exploration.