Capital Watch: Gateway, Saturn and more

GOLD explorers lead this week’s raisings, with several seeking more than A$3 million each.
Capital Watch: Gateway, Saturn and more Capital Watch: Gateway, Saturn and more Capital Watch: Gateway, Saturn and more Capital Watch: Gateway, Saturn and more Capital Watch: Gateway, Saturn and more

Staff reporter

Gidgee gold explorer Gateway Mining has raised $3.46 million for accelerated exploration.

The placement of 1.5c shares will be conducted in two tranches, with directors to participate, subject to shareholder approval.

The company is working towards resource estimates for its Whistler and Montague deposits.

Saturn Metals has raised $3.3 million via a placement to institutional and sophisticated investors at 35c per share.

Patersons Securities acted as lead manager, with the funds to be used to accelerate drilling at the Apollo Hill gold deposit near Leonora.

Norwest Minerals has announced a pro-rata non-renounceable rights issue at 15c per share to raise $3.14 million.

The proceeds will be used for exploration at the Arunta West iron oxide-copper-gold project and Bulgera gold project.

Freehill Mining has completed a $2.6 million capital raising to fund a prefeasibility study at the Yerbas Buenas iron ore project in Brazil.

The board contributed $360,000 and existing investors subscribed for $830,000.

Every two new 1.1c shares will come with a free 2.5c option.

As part of a US zinc farm-in announced this week, Platina Resources will seek to raise $1.25 million via a share purchase plan and a further $1.25 million via a placement.

Patersons Securities will underwrite the SPP.

Explorer Bryah Resources has secured commitments to raise $2 million at 6c per share.

Hartleys is lead manager to the placement, with directors to commit $150,000.

The cash will be used for gold and copper drilling.

Riversgold is seeking to raise $1.9 million via a $400,000 placement and $1.5 million non-renounceable rights issue at 1c per share.

The company has appointed Otsana Capital to manage the raisings, which will be conducted after shareholder approval is obtained.

Directors will also convert $100,533 of accrued fees into shares if approval is received.

Argent Minerals has raised $1.9 million via a private placement at 2.1c per share with strong support from existing and new investors.

The proceeds will be used for three high-impact drilling programs.

Tanga Resources has received commitments to raise $1.8 million, with London-listed Capital Drilling to become a cornerstone shareholder with about 14%.

The funds raised at 0.3c per share will be used to advance the Hagenhof copper project in Namibia.

Dual-listed uranium company Laramide Resources has closed a C$1.68 million private placement.

The 6.75 million 25c units issued comprise a share and half a share purchase warrant.

Anson Resources has secured a A$1.5 million placement from its strategic investor, Chia Tai Xingye International.

The funds will be used for the Paradox brine project in Utah.

Potash player Davenport Resources has raised $1.12 million at 4.2c per share, a 16% discount to the last traded price.

European shareholder Delphi Unternehmenberatung will become a substantial shareholder with 8.9% and will have the right to appoint a director.

Emu has agreed to place 16.9 million shares at 3.5c each to raise $676,000 for its Chilean gold projects.

The company will issue 2c and 20c options in relation to the placement.

Parkway Minerals has raised $450,000 in a heavily oversubscribed placement to fund the acquisition of Consolidated Potash Corporation.

The half a cent issue price represented a 28% discount to the five-day colume-weighted average price.

Finally, Twenty Seven Co has completed a $300,000 placement to professional and sophisticated investors at 0.4c per share.

The company will also launch an SPP shortly, with the funds from both raisings to be used for exploration at the Rover project in Western Australia.