Capital Watch: Canyon, Titan and more

THIS week's capital raisings in the junior mining space.
Capital Watch: Canyon, Titan and more Capital Watch: Canyon, Titan and more Capital Watch: Canyon, Titan and more Capital Watch: Canyon, Titan and more Capital Watch: Canyon, Titan and more

Staff reporter

Canyon Resources has received commitments to raise $2.5 million via a placement to institutional and sophisticated investors.

The company will seek an additional $1.5 million via a share purchase plan.

The issue price for both will be 16c per share.

The funds will accelerate the delivery of the Minim Martap prefeasibility study and for working capital.

Titan Minerals has raised $3.5 million via a placement lead managed and fully underwritten by Canaccord Genuity.

The placement is subject to shareholder approval and all conditions relating to the takeover of Core Gold being satisfied or waived.

Phosphate player Fertoz has launched an SPP to raise up to $2.5 million at 8c per share.

The offer is underwritten to $2 million.

Middle Island Resources has cancelled the second tranche of a previously announced placement and instead has launched a $2.35 million one-for-one entitlement offer.

Pinnacle Corporate Finance is lead manager and underwriter and Stephen Copulos' Eyeon Investments will act as sub-underwriter.

The cash raised will be used to drill priority gold targets at Sandstone.

Australian Potash has completed a bookbuild for a placement to raise $1.6 million at 7c per share.

Chairman Jim Walker will participate, subject to shareholder approval.

The proceeds will be used to finalise permitting for the Lake Wells sulphate of potash project, as well as advancing front-end engineering and optimisation activities.

Porphyry hunter Canterbury Resources is seeking to raise $1.49 million via a placement and SPP.

The company has received commitments for a $690,000 placement and will try to raise the remainder via an SPP, both priced at 20.2c.

Canaccord Genuity was lead manager, with funds to be used for the Briggs project.

West Wits Mining has entered a subscription agreement with US-based Wingfield Capital Partners to raise US$1 million via a convertible note issue.

The funds will enable exploration in South Africa and the Pilbara.

Northern Territory-focused Korab Resources has announced a partially underwritten one-for-three non-renounceable rights issue to raise A$1.16 million.

The offer is being conducted at 1.1c per share, a 22% discount to the five-day volume-weighted average price, and will be underwritten to $400,000 by Rheingold Investments Corporation, an entity controlled by chairman Andrej Karpinski.

AustSino Resources Group has raised $640,000 in a placement.

The company will use the cash to provide financial support to Sundance Resources.

Victorian explorer Dart Mining has completed a private placement to raise $600,000.

Every two new shares came with a free 25c option.

Stellar Resources has received firm commitments from clients of Taylor Collison to raise $540,000.

Every two new 0.9c shares will come with a 1.5c option.

New directors Simon O'Loughlin and Simon Taylor will participate in the issue.