Capital Watch: Azumah, Artemis and more

PATERSONS underwriting raisings for Azumah and Artemis, and more.
Capital Watch: Azumah, Artemis and more Capital Watch: Azumah, Artemis and more Capital Watch: Azumah, Artemis and more Capital Watch: Azumah, Artemis and more Capital Watch: Azumah, Artemis and more

Staff reporter

Azumah Resources has launched a fully underwritten share purchase plan to raise $2 million for the advancement of the Wa gold project in Ghana.

Patersons is lead manager and underwriter to the offer, with shares to be issued at a 20% discount to the five-day volume-weighted average price of Azumah shares.

Pilbara explorer Artemis Resources has launched a $1.5 million share purchase plan, to be underwritten by Patersons Securities.

Shares will be issued at a 20% discount to the five-day volume-weighted average price of shares.

Artemis chairman Sheikh Maktoum Hasher al Maktoum is acting as sub-underwriter up to $750,000, subject to shareholder approval.

Subject to shareholder approval, the company may look to issue a further $1.5 million worth of shares to sophisticated investors at the same price.

Azumah has also granted Patersons the right to facilitate a top-up placement for up to $1 million.

Lithium explorer Lake Resources has upsized a previously announced $2.4 million placement to $2.7 million.

The funds from the 9c per share placement will be used to accelerate drilling at the Cauchari and Olaroz projects in Argentina.

Allegiance Coal has received binding commitments to raise $2.65 million in a private placement lead managed by Bell Potter Securities.

The proceeds will be used for working capital and for the Tenas metallurgical coal project.

Unlisted Advent Gold has raised $1.3 million in a heavily oversubscribed private placement.

The New Zealand-focused explorer was initially seeking $650,000, but that was doubled within days due to high demand.

Beer & Co was lead manager to the seed raise, which is a precursor to an initial public offering later this year.

Calidus Resources has entered into two partial underwriting agreements for options expiring this month.

Major shareholder Alkane Resources will underwrite up to $350,000, while Kerr Allan Financial will underwrite up to $710,000.

Finally, New Energy Minerals has secured commitments for short-term funding from sophisticated and professional investors in the form of convertible notes totalling $406,000.