Capital Watch: Element 25, AIC and more

IT has been a busy start to the week for capital raisings.
Capital Watch: Element 25, AIC and more Capital Watch: Element 25, AIC and more Capital Watch: Element 25, AIC and more Capital Watch: Element 25, AIC and more Capital Watch: Element 25, AIC and more

Staff reporter

Manganese developer Element 25 has received firm commitments to raise up to $3.5 million via a placement of 8.75 million shares at 40c per share.

Euroz Securities was lead manager and sole bookrunner.

Element 25 will also seek to raise up to a further $1.5 million via a share purchase plan.

Proceeds will go towards the development of the Butcherbird manganese project.

AIC Mines has raised $2.6 million in a strongly supported placement and launched a one-for seven entitlement offer to raise a further $2.1 million.

The placement was conducted at 28c, an 8.2% discount to the last closing price, and was lead managed by Argonaut Securities.

The proceeds will be used to fund drilling at the Lamil and Marymia projects, and assess new opportunities.

Euro Manganese has announced a private placement to raise C$3.85 million.

The company will offer 11.9 million shares at 6.1c and 51.1 CHESS depositary interests at A6.5c.

The funds will be used to advance the Chvaletice project in the Czech Republic.

Manhattan Corporation has received applications for a A$3.4 million placement to fund drilling at New Bendigo.

Shares will be issued at 1.7c each, a 5.5% discount to the last closing price.

Phosphate miner-turned-gold explorer Avenira has announced a $3.4 million raising to advance the Jundee South and Wonarah projects.

The raising comprises a $2.2 million placement, and a two-for-seven non-renounceable entitlement issue to raise $1.2 million, the latter of which is underwritten by Taylor Collison.

The issue price for both is 0.8c.

GTI Resources has launched a $1.8 million placement and will seek a further $4.8 million via an SPP for exploration in the US and Australia.

The issue price for both is 3c per share, with CPS Capital Group agreeing to underwrite the SPP to $978,000.

Gold explorer Torian Resources has launched a one-for-four renounceable rights issue to raise up to $2.2 million.

The issue is priced at 1.6c, a 45% discount to the 30-day volume-weighted average price, with every two shares to come with a free option.

Mahe Capital has been appointed as lead manager and will underwrite the issue to $1 million.

GME Resources has announced a one-for-10 renounceable rights issue to raise up to $1.5 million.

The cash raised will be used to advance nickel and gold projects in Western Australia.

Finally, Jadar Resources has received a firm commitment from Hong Kong investor Valens International for a placement to raise $500,000.

  • Top News: Vale Terry Grammer. Read more.
  • Top News: SolGold's relationship with BHP, Newcrest not 'soured'. Read more.
  • Top News: Nickel Mines becomes 'new force in global nickel'. Read more.