Capital Watch: Silver Mines, Marindi

SILVER Mines and Marindi lead a quiet week for capital raisings.
Capital Watch: Silver Mines, Marindi Capital Watch: Silver Mines, Marindi Capital Watch: Silver Mines, Marindi Capital Watch: Silver Mines, Marindi Capital Watch: Silver Mines, Marindi

Staff reporter

Sprott Asset Management has cornerstoned a capital raising by Silver Mines, which raised a total $2.75 million.

Sprott subscribed for $1 million in the 5c per share raising, which was lead managed by Patersons Securities.

The bulk of the funds will be used for exploration at the Barabolar project.

Marindi Metals is raising up to $2.5 million to fund gold and lithium exploration in WA.

The raising comprises a placement to sophisticated investors to raise $116,000, the issue of a convertible note to clients of lead manager Forrest Capital at a face value of $200,000-300,000, and a one-for-one non-renounceable entitlement offer to raise up to $2.2 million.

The issue price for the raisings is 0.1c per share.

Marindi will look to do a one-for-60 share consolidation after the raisings are complete.

Jindalee Resources has launched a one-for-10 entitlement offer to raise $1 million for lithium and gold-nickel exploration.

Shares will be issued at 30c each, a 26.3% discount to the five-day volume-weighted average price.

Audalia Resources is seeking to raise $600,000 by placing 50 million shares at 1.2c each to a sophisticated investor.

The funds raised will be used for working capital and to progress the Medcalf project.

Corazon Mining's SPP has closed, raising $414,000, with PAC Partners underwriting for $86,000, taking the total to $500,000.

PAC will try to place the shortfall.

Finally, Korab Resources has raised $155,000 by placing 5 million shares to an investor.

The 3.1c per share price was a 15% premium to the last traded price.