Capital Watch: Paringa, Kin and more

RAISINGS from Paringa, Kin, Magmatic, Kairos, Great Southern, Alloy, Cygnus, Thor, Magnetite, Cullen and Caeneus.
Capital Watch: Paringa, Kin and more Capital Watch: Paringa, Kin and more Capital Watch: Paringa, Kin and more Capital Watch: Paringa, Kin and more Capital Watch: Paringa, Kin and more

Staff reporter

Coal producer Paringa Resources has cancelled the retail component of its A7c one-for-four pro-rata non-renounceable entitlement offer, and has launched a re-priced one-for-five entitlement offer to raise $5.1 million at 5c per share.

The offer is fully underwritten by Argonaut.

The proceeds will be used for the ramp-up of the Poplar Grove mine in Kentucky and to satisfy a condition associated with its loan with Tribeca Global Resources Credit.

Gold explorer Kin Mining is seeking to raise $3.1 million to advance the Cardinia gold project.

The company raised $850,000 in a placement to major shareholders Delphi UA and Harmanis Holdings, and will try to raise the balance via an entitlement offer.

Shareholders representing 42% of the register have agreed to take up their entitlements.

The offers are priced at 3.5c per share, an 8% discount to the five-day volume-weighted average price.

Magmatic Resources has raised $2.2 million via the issue of 27.5 million shares in two tranches at 8c.

The stock started the month at 5.1c.

Salient Corporate acted as lead manager, with the placement proceeds to be used to clear debt.

Pilbara gold explorer Kairos Minerals is trying to raise up to $2 million for the next phase of exploration.

The company received firm commitments for a $1.35 million placement at 1.1c per share, and will seek to raise the rest via a share purchase plan at the same price.

CPS Securities was lead manager.

Gold explorer Great Southern Mining has received commitments to raise $1.485 million from eight domestic and offshore institutions and a small number of high net worth investors.

Bell Potter Securities acted as lead manager with proceeds to be used to accelerate exploration at the Cox's Find gold project.

Alloy Resources has received firm commitments to raise $530,000 in a placement managed by JP Equity Partners.

The company will also conduct a non-renounceable entitlement offer to raise up to $780,000.

The funds will be used to advance the Horse Well gold project.

Cygnus Gold has launched a one-for-three non-renounceable entitlement offer to raise $809,000 for gold exploration.

The offer has been priced at 4c per share, a 29% discount to the 30-day volume-weighted average price.

Dual-listed Thor Mining has raised £510,000 via a placement, with directors to contribute £25,000, subject to approval.

Major shareholder Metal Tiger will also participate.

Magnetite Mines has raised $200,000 in a placement at 0.4c per share and will seek to raise a further $500,000 via an SPP.

The funds will be directed to the Razorback magnetite project.

Cullen Resources has received firm commitments to raise $300,000 for exploration at Wongan Hills.

Finally, Caeneus Minerals has raised $150,819 by issuing shares at just 0.08c.