Capital Watch: Vysarn, GBM and more

A BUSY week for junior capital raisings as market conditions continued to improve.
Capital Watch: Vysarn, GBM and more Capital Watch: Vysarn, GBM and more Capital Watch: Vysarn, GBM and more Capital Watch: Vysarn, GBM and more Capital Watch: Vysarn, GBM and more

Image by Pete Linforth from Pixabay

Staff reporter

Drilling provider Vysarn has launched a three-for-10 non-renounceable entitlement offer to raise up to $4 million.

New shares will be issued at 4.5c per share, an 18% discount to the previous closing price.

The raising is being conducted to give the company optionality to pursue growth, repay debt or to preserve cash in the instance of a contraction in work.

GBM Resources has launched a one-for-four non-renounceable pro-rata entitlement offer of shares and options to raise $3 million.

Every two new 5.5c shares subscribed for will come with an 11c option, exercisable within 36 months.

Henslow has been appointed as lead manager.

The funds will be used for gold exploration in eastern Australia.

Sunstone Metals has raised $2.4 million in an oversubscribed share purchase plan, with applications exceeding the limit by 11.8%.

It takes the total amount raised for Ecuador drilling to $4.1 million after a placement last month.

Golden State Mining has raised $2.2 million in an oversubscribed placement to fund drilling in the Mallina Basin.

Hartleys was lead manager and Taylor Collison was co-manager to the 12.5c per share placement.

Graphite player EcoGraf has raised $1.6 million in an oversubscribed placement at 6.5c per share.

The company will seek to raise an additional $500,000 via a share purchase plan, with the funds to be used to advance a planned battery graphite facility in WA.

Queensland-based Superior Resources has launched a $1.18 million capital raising to progress the Steam Engine gold project.

The company has received firm commitments for a two-tranche placement to raise $434,700, which will be followed by a one-for-three pro-rata rights issue to raise $745,000.

The shares are being offered at a 25% discount of 0.3c each.

Xanadu Mines has received firm commitments for a placement of 34 million shares at 3.3c each to raise $1.12 million.

The funds will be used for the next phase of drilling at the Kharmagtai copper-gold project in Mongolia.

Africa-focused Tanga Resources has received commitments raise $650,000 via an oversubscribed placement in two tranches.

The offer will take the company's cash position to about $1 million for gold exploration in Namibia.

Dreadnought Resources has raised $500,000 for drilling at its Illaara gold and VMS project.

New shares were issued at 0.4c per share, a 23% discount to the 10-day volume-weighted average price.

Toronto-listed International Prospect Ventures is conducting a non-brokered private placement to raise up to C$450,000.

The proceeds will be used to explore the Wits End prospect in Western Australia's Pilbara Craton.

Finally, Torian Resources has received binding commitments from strategic investors to raise $395,000 for Mt Stirling gold exploration.

The company will issue 26.3 million shares at 1.5c per share together with a one-for-two free-attaching option, exercisable at 2c before February 2022.

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