Capital Watch: Navarre, Gold Mountain and more

NAVARRE Minerals was the big winner of the past week off the back of Stavely Minerals’ Victorian success.
Capital Watch: Navarre, Gold Mountain and more Capital Watch: Navarre, Gold Mountain and more Capital Watch: Navarre, Gold Mountain and more Capital Watch: Navarre, Gold Mountain and more Capital Watch: Navarre, Gold Mountain and more

Staff reporter

Navarre Minerals received subscriptions for 43.2 million shares at A11c per share to raise $4.75 million in a placement managed by Hartleys.

The company's shares have risen from less than 8c a month ago.

The raising boosts the company's cash balance to about $10 million, leaving it well-positioned to drill its Stavely Arc and Stawell projects, and contribute to the Tandarra joint venture.

A group of investors that agreed to invest $10 million in Papua New Guinea explorer Gold Mountain in March have cancelled their subscription.

The investors said it was due to delays in receiving regulatory approvals.

Alt Resources said a $4.5 million convertible note funding package signed last month with Collins Street Value Fund would not go ahead.

The company raised $4 million in August and said it would assess alternative funding sources for its Bottle Creek gold project.

High-purity alumina hopeful Andromeda Metals has completed a $3.95 million placement which leaves it fully funded to complete the Poochera feasibility study by the second quarter of next year.

The funding also allows the company to advance its other projects.

AusQuest has launched a capital raising of up to $2.4 million comprising a $500,000 placement and a one-for-four non-renounceable pro-rata rights offer to raise $1.9 million.

Chrysalis Investments, an entity controlled by AusQuest director Chris Ellis, proposes to cornerstone the offer by taking up its full 22.7% entitlement.

Europe-focused Variscan Mines has received commitments to raise $2.4 million at 0.2c per share to help fund the acquisition of zinc projects in Spain.

Patersons Securities acted as lead manager.

Predictive Discovery has received binding commitments to raise $1.75 million via a placement at 1c per share, including a $250,000 cornerstone investment by Capital DI.

The company will seek to raise a further $500,000 via a share purchase plan.

GTI Resources has raised $2 million in a placement and rights issue, with the latter being 85% subscribed.

The proceeds will fund a maiden drilling campaign on newly acquired Utah uranium and vanadium projects.

Newcomer Sagon Resources has raised $1.25 million in a placement to a single institutional investor.

Patersons Securities acted as lead manager with the funds to be used for the Cummins Range rare earth project.

West Africa-focused Mako Gold has signed a memorandum of understanding with Geodrill for up to US$1 million of equity drilling.

The deal allows the company to continue exploration while preserving cash.

Krakatoa Resources is raising $750,000 at 5c, a 9% discount to the previous price.

The raising will fund the acquisition of a New South Wales project.

Golden Mile Resources has completed a placement to clients of Sanlam Private Wealth to raise $724,000 at 5.8c.

The funds will be used for gold exploration at the Leonora East and Yuinmery projects.

Taylor Collison is managing Alligator Energy's placement to raise $650,000 as part of a farm-in with Big Lake Uranium.

The company will also launch an SPP.

New South Wales explorer Rimfire Pacific Mining has completed a $500,000 placement to professional and sophisticated investors.

Every subscriber will receive a one-for-one 2020 option.

Ausmon Resources has launched a share purchase plan to raise up to $325,000 for exploration, working capital and the investigation of new ventures.

Shares are priced at 0.25c, a 16.7% discount to the five-day volume-weighted average price.

Finally, GBM Resources has raised $300,000 via the placement of 90.9 million shares at 0.33c per share for working capital.