Capital Watch: Sayona, Great Northern and more

SEVERAL companies proceeded with raisings this week, despite tough market conditions.
Capital Watch: Sayona, Great Northern and more Capital Watch: Sayona, Great Northern and more Capital Watch: Sayona, Great Northern and more Capital Watch: Sayona, Great Northern and more Capital Watch: Sayona, Great Northern and more

Staff reporter

Sayona Mining has launched a one-for-four renounceable rights issue to raise up to A$4 million, with one option to be issued for every two new shares.

The issue price is 0.8c, a 34% discount to the 30-day volume-weighted average price.

Directors and management will subscribe for up to $820,000 of the offer.

The funds will support the company's bid for North American Lithium.

Great Northern Minerals has launched a two-tranche placement and rights issue to raise up to $2.25 million.

Lead managed by Xcel Capital, the issue will be conducted at 0.6c per share, a small premium to the five-day volume-weighted average price.

The funds will be used to advance Queensland gold projects.

London-based Pensana Rare Earths has raised just over $2 million in a placement supported by Angola's sovereign wealth fund.

The company's flagship Longonjo project is in Angola.

Consolidated Zinc has launched a fully underwritten pro-rata non-renounceable entitlement offer to raise $1.72 million.

The one-for-five half a cent per share offer will come with one 1c option for each new share.

Pinnacle Corporate Finance is lead manager and underwriter.

The funds will be used for gold exploration at Plomosas.

Dampier Gold has completed an initial $1 million capital raising to fast-track its Kalgoorlie gold strategy.

The raising, which includes the conversion of $55,000 of debt to equity, was priced at 2.5c per share, with every three shares coming with a free-attaching 5c option.

China's Yibin Tianyi has provided a US$1 million convertible note to AVZ Minerals to maintain its rights under a A$14.1 million placement.

Adavale Resources has raised $240,000 via a placement to sophisticated investors to advance the Kabanga North and North East nickel project.

Finally, Chase Mining Corporation has withdrawn an SPP that was seeking $300,000-450,000 due to market conditions.

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