Capital Watch: IronRidge, Middle Island and more

A quieter week this week for capital raisings among junior explorers.
Capital Watch: IronRidge, Middle Island and more Capital Watch: IronRidge, Middle Island and more Capital Watch: IronRidge, Middle Island and more Capital Watch: IronRidge, Middle Island and more Capital Watch: IronRidge, Middle Island and more

Staff reporter

Brisbane-based, AIM-listed IronRidge Resources has raised £4.75 million in a placement at 7p per share.

The funds will be used for gold drilling in Cote d'Ivoire and Chad and lithium projects in Ghana.

Middle Island Resources has raised A$4 million to advance work at the Sandstone gold project in Western Australia.

The issue price of 1.1c was a 15.4% discount to the last closing price.

The placement was managed by Bell Potter Securities.

Gold explorer Alliance Resources has launched a one-for-six non-renounceable rights issue to raise up to $2.05 million.

The 8c issue price represents an 11.1% discount to the previous close.

The funds will be used for exploration at the Weednanna gold project in South Australia.

Classic Minerals has raised $806,000 via a heavily oversubscribed placement at 0.1c.

One 0.2 option will be issued for every share subscribed for.

The cash will be used to advance the Kat Gap and Forrestania gold projects in Western Australia.

Eclipse Metals has completed a 0.55c per share placement to new investors to raise $531,000.

The proceeds will be used for exploration at Devil's Elbow and for working capital.

Scorpion Minerals has received commitments to raise $275,000 for exploration and working capital.

Finally, Maximus Resources received subscriptions for $170,314 worth of shares in its $1.3 million entitlement offer. The company is in discussions to place the shortfall.