Capital Watch: Austral, Golden Rim and more

A HUGE week for capital raisings in the junior mining sector.
Capital Watch: Austral, Golden Rim and more Capital Watch: Austral, Golden Rim and more Capital Watch: Austral, Golden Rim and more Capital Watch: Austral, Golden Rim and more Capital Watch: Austral, Golden Rim and more

Staff reporter

Dual-listed South American producer Austral Gold has launched a non-renounceable pro-rata rights offer to raise up to A$5.61 million.

The one-for-seven offer is priced at 8c per share with every 1.5 shares to come with a 9.2c option.

The company will use the cash for brownfields exploration around its operations in Chile and Argentina.

Golden Rim Resources is raising $5.3 million to accelerate drilling at its Kouri project in Burkina Faso.

The raising will be conducted via a $1.82 million placement and a $3.45 million rights issue, underwritten by Patersons Securities.

The issue price for both offers is 1.4c per share.

Woomera Mining has raised $529,403 in an oversubscribed placement, and will seek a further $2.78 million via a rights issue.

The price for both offers is 2.5c per share, with participants in the rights offer to receive a free 8c, two-year option for every two shares.

The raisings were launched after Woomera announced the acquisition of the Mt Venn gold project in Western Australia.

Graphite developer Black Rock Mining has raised $3 million in an oversubscribed placement to professional and sophisticated investors.

The placement was completed at 7c, a 7.9% discount to the last close, and was lead managed by Patersons Securities.

The cash will be used to support the final financing and permitting process for the Mahenge project in Tanzania.

A new-look Meteoric Resources has completed a $2.7 million placement to a small number of strategic investors.

Shares were issued at 3.2c each, an 8.4% premium to the 30-day volume-weighted average price.

CPS Capital was lead manager, with the proceeds to be used for the Juruena and Novo Astro gold projects.

Amani Gold has received commitments to place 833 million shares at 0.3c each to raise $2.5 million.

Hartleys is managing the placement, with the funds to be used for exploration at the Giro gold project in the Democratic Republic of Congo.

WA gold explorer First Au has received firm commitments from sophisticated and professional investors to raise $1.5 million.

The placement, arranged by Peregrine Corporate, will be completed in two tranches at 2.5c a share, with a one-for-two attaching listed option, exercisable by December 15, 2020 at 6c.

The proceeds of the raising will be used to fund ongoing resource and infill drilling and metallurgical test work at the Gimlet gold project near Kalgoorlie.

European Metals Holdings has raised £750,000 (A$1.34 million) in a placement to UK investors.

The funds will be used to progress the Cinovec project in the Czech Republic.

The board and management of Sayona Mining have agreed to invest A$925,000 as part of a $1.2 million placement.

The cash will provide working capital and advance the Authier lithium project in Quebec.

Emerald miner Magnum Mining & Exploration has launched a non-renounceable pro-rata entitlement offer to raise up to $1.01 million.

The company will issue one new option at 1c each for every three shares held. The options are exercisable at 5c before the end of September 2022.

The proceeds will be used for the Gravelotte emerald project in South Africa.

West Wits Mining has received commitments to raise $735,000 at 0.6c to support it while it awaits a mining right for the Witwatersrand gold project.

The company is also considering a further placement of $250,000.

Gold explorer Alice Queen has received commitments to raise $516,000.

The company will issue shares at 1.2c each, plus one 2c option for every two shares.