Capital Watch: Magmatic, Redbank and more

A stronger week for juniors seeking cash.
Capital Watch: Magmatic, Redbank and more Capital Watch: Magmatic, Redbank and more Capital Watch: Magmatic, Redbank and more Capital Watch: Magmatic, Redbank and more Capital Watch: Magmatic, Redbank and more

Staff reporter

Lachlan Fold Belt explorer Magmatic Resources has raised A$5 million in a "strongly supported" 30c per share placement.

The funds will be used to drill the Lady Isle gold-copper porphyry target, near Alkane Resources' Boda discovery in New South Wales.

Hartleys acted as lead manager and Salient Corporate was advisor.

Redbank Copper has signed a joint mandate with Viridian Capital and CPS Capital Group for a placement of at least A$4 million to sophisticated investors.

The placement will have capacity to raise up to $6 million.

The funds will be used for copper exploration and looking for new opportunities.

Lithium explorer Lake Resources has raised $2 million in a placement and has launched a share purchase plan to raise up to a further $1.5 million.

The issue price of 4c is a 20% discount to the five-day volume-weighted average price of shares.

The funds will be used to close out a convertible securities facility and produce further pilot plant samples.

Tao Commodities says it is not likely to be able to complete a $2.5 million placement to acquire DSO Mining by the February 17 deadline.

Suspended explorer Paterson Resources (formerly Hardey Resources) is proceeding with capital raising initiatives in order to be reinstated to trading.

The company will seek $1.93 million via an underwritten one-for-one non-renounceable entitlement offer at 0.1c, $251,772 via a placement and a $150,000 by issuing convertible notes.

The ASX has approved the plan.

Corazon Mining has received commitments to raise up to $1.1 million in a placement of shares at 0.35c each.

The funding will be used to accelerate exploration at the Lynn Lake project in Canada.

Finally, Cullen Resources has launched an SPP at 1.1c to raise up to $440,000.

The proceeds will be used for exploration in Western Australia.