Capital Watch: DGR, Lucapa and more

A BUSY week for raisings with DGR, Lucapa and Australian Potash raking in more than A$5 million.
Capital Watch: DGR, Lucapa and more Capital Watch: DGR, Lucapa and more Capital Watch: DGR, Lucapa and more Capital Watch: DGR, Lucapa and more Capital Watch: DGR, Lucapa and more

Staff reporter

Resources investor DGR Global will conduct an accelerated one-for-four non-renounceable rights issue to raise $5.67 million.

The offer is fully underwritten by Samuel Holdings, an entity controlled by DGR director Nicholas Mather.

The funds will be used to develop the company's unlisted subsidiaries and projects, and repay debt.

Lucapa Diamond Company has announced a one-for-five rights issue to raise up to $5.25 million.

New shares will be issued at 5c each with every share to come with a free-attaching 10c option.

Directors will take up their full entitlements.

The proceeds will be used to search for the primary kimberlite sources of diamonds at Lulo, and preserve mining assets suspended due to COVID-19.

Australian Potash has raised $2 million in an oversubscribed placement and will conduct a rights issue to raise $3.15 million.

Canaccord Genuity is lead manager to the offers, which will be conducted at 5c per share, a 35.1% discount to Tuesday's close.

The funding will be used to advance front-end engineering design work for the Lake Wells sulphate of potash project in Western Australia.

MetalsTech has secured a $3.6 million strategic funding package for the Sturec gold mine in Slovakia.

The funding comprises the issue of $2.5 million in notes to Zhengrong Chen and a $1.12 million placement at 16c.

Developer Agrimin has launched a one-for-19, 30c entitlement offer to raise up to $3 million, of which $2.2 million is committed.

AustralianSuper will take 100% of its pro-rata entitlement and provide additional funds via sub-underwriting the offer.

The issue will strengthen Agrimin's cash position to $7.5 million, to be applied to the Mackay potash project in WA.

Argonaut Resources has raised $1.28 million in a private placement to fast-track drilling at the Island gold prospect near Higginsville in WA.

The quantum of the raising surpassed the target of $1 million.

New World Resources has received firm commitments for a placement at 1.1c per share to raise $1.25 million.

Peloton Capital is lead manager.

The proceeds will be used to expand exploration at the Antler copper project in Arizona.

Enterprise Metals has added more than $1 million to its bank balance via a $300,000 placement and the sale of $780,000 worth of shares in Alto Metals.

Every two new 1c placement shares will come with a free-attaching 1.5c option.

The funds will be used for gold exploration in WA's Yilgarn region.

Metalicity has launched a two-for-three non-renounceable rights issue to raise up to $966,984, to be lead managed and underwritten by Canaccord Genuity up to $500,000.

Subscribers will receive one 0.4c option for every two new 0.2c shares issued.

The company will use the funds to drill its Kookynie gold project in WA.

Great Western Exploration has raised $800,000 via a $200,000 placement and an underwritten entitlement offer to raise $600,000.

Hartleys is lead manager and underwriter.

The company had just $41,000 at the end of March and the new funds will be used for gold exploration and working capital.

Castle Minerals has received commitments to place 122 million shares to sophisticated investors and directors to raise $488,000 in two tranches.

The raising was announced in conjunction with a deal to acquire two gold projects near Meekatharra in WA.

Finally, Golden Mile Resources has completed a non-brokered private placement to raise $388,000 for WA gold exploration.