Capital Watch: Fosterville South, Emmerson and more

THE funds raised by exploration companies this week.
Capital Watch: Fosterville South, Emmerson and more Capital Watch: Fosterville South, Emmerson and more Capital Watch: Fosterville South, Emmerson and more Capital Watch: Fosterville South, Emmerson and more Capital Watch: Fosterville South, Emmerson and more

Staff reporter

Toronto-listed Fosterville South Exploration has appointed Clarus Securities as lead agent for a private placement to raise up to C$7.5 million.

The placement comprises 1.87 million units at $4 each, with each unit comprising one common share and half a purchase warrant, entitling the holder to buy a share at $4.95 within two years.

Participants in the placement will be eligible to receive one common share of proposed spin-off Leviathan Gold for every share held of Fosterville South.

Emmerson Resources has received firm commitments from investors to raise A$3.5 million and will launch a share purchase plan to raise up to a further $1 million.

Palisades Goldcorp has joined the register as a strategic investor, subscribing for $2 million of the placement.

The placement was conducted at 10c per share, with each share coming with a 16c option, exercisable by July 2023.

The funds will support New South Wales exploration and the company's gold royalty business.

Nex Metals Exploration has completed a placement to raise $2.44 million.

The proceeds will be used to advance the Kookynie gold project and process tailings from Cosmopolitan.

E2 Metals has raised $2.1 million in an oversubscribed share purchase plan.

The funds raised will be used to explore the Conserrat gold-silver discovery in Argentina.

London-listed Rockfire Resources has raised £1 million for deep drilling at its Plateau gold deposit in Queensland.

The placement is being conducted at 0.85p, a 13% discount.

Corazon Mining is undertaking a capital raising of up to A$1.68 million to fund drilling at its Lynn Lake project in Canada.

A placement to sophisticated and professional investors will raise $714,000, while a one-for-five pro-rata non-renounceable entitlement offer will raise up to $964,000.

Graphite developer Black Rock Mining has launched a one-for-16 entitlement offer at 4.2c to raise up to $1.65 million.

The offer, which includes a one-for-one 8.4c option, is fully underwritten by Lazarus Corporate Finance.

Major shareholder the Copulos Group will apply for its full entitlement of $356,000.

DiscovEx Resources has raised $1.5 million at 0.65c in a placement to sophisticated and professional investors.

The funds will be used to advance the Edjudina gold project.

Cygnus Gold has received firm commitments to raise $1.37 million in a placement to sophisticated and professional investors.

The 4.5c per share placement will be conducted in two tranches.  

Firefly Resources has launched a three-for-seven non-renounceable entitlement offer at 3c per share to raise up to A$1.03 million.

Argonaut is underwriting the offer.

The proceeds will be used for exploration at the newly acquired Yalgoo project.

PGM explorer Podium Minerals has raised $1.04 million in an SPP that initially sought $500,000.

Drilling at the Parks Reef project will begin this month.

Cullen Resources is undertaking a one-for-three pro-rata, non-renounceable rights issue to raise up to $974,730.

The 1.3c issue price represents a 13.3% discount to the last closing price.

Papua New Guinea-focused Gold Mountain has raised $760,000 via a placement at 6.5c per share.

CEO Tim Cameron and new advisor Matt Liddy participated in the placement.

Finally, Victory Mines received acceptances for a capital raising to raise $500,000 after announcing a deal to earn up to 80% of the Coogee gold project.

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