Capital Watch: Canyon, Lindian and more

BAUXITE players lead this week's small-cap fundraisings.
Capital Watch: Canyon, Lindian and more Capital Watch: Canyon, Lindian and more Capital Watch: Canyon, Lindian and more Capital Watch: Canyon, Lindian and more Capital Watch: Canyon, Lindian and more

Staff reporter

Canyon Resources has placed 25 million shares at 16c each to raise $4 million.

The placement, lead managed by BW Equities, was oversubscribed.

The proceeds will be used for the prefeasibility study for the Minim Martap bauxite project in Cameroon.

Also in bauxite, Lindian Resources is raising up to $1.3 million in a placement to professional and sophisticated investors.

Each 1.6c share will come with a 2c three-year option.

The new funds, together with a recent $1 million loan, will be used for drilling at the new Gaoual bauxite project in Guinea.

Marenica Energy has raised $1.6 million by placing 16 million shares at 10c each, with each share to come with a free-attaching 17c option, exercisable within two years.

Patersons Securities was lead manager.

The proceeds will be used for Namibian and Australian uranium projects.

Graphite developer Volt Resources has launched a share purchase plan which will be underwritten by Patersons Securities up to $1.1 million.

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

Patersons may facilitate a placement to raise a further $1.1 million at the same price.

The funds raised will be used to repay outstanding loan notes.

Brazil-focused BBX Minerals has received commitments to raise $1 million in a 20c per share placement to new and existing sophisticated and institutional investors.

Major shareholder Drake Special Situations will participate, subject to shareholder approval.

Coziron Resources directors and major shareholder, Mark Creasy's Yandal Investments, have provided a further $685,000 in funding to the company by way of loans that can be converted to shares.

The company plans to launch a placement shortly to fund magnetite exploration.

Finally, Golden Rim Resources has completed a placement to raise $500,000 for Burkina Faso gold exploration.

Cornerstone shareholder Capital Drilling participated in the raising.