Capital Watch: DevEx, KGL and more

THE raisings keep on coming amid strong sentiment in the mining sector.
Capital Watch: DevEx, KGL and more Capital Watch: DevEx, KGL and more Capital Watch: DevEx, KGL and more Capital Watch: DevEx, KGL and more Capital Watch: DevEx, KGL and more

Staff reporter

DevEx Resources has raised A$5.5 million to fast-track exploration in New South Wales and Western Australia.

A placement to sophisticated and professional investors will raise $4.7 million, with a placement to directors to raise $810,000 to follow, subject to shareholder approval.

The issue price is 10c per share, a 13% discount to the previous closing price.

Bell Potter Securities and Taylor Collison were joint lead managers.

KGL Resources has launched a non-renounceable entitlement offer to raise nearly $4 million.

The issue price is 16c per share, an 8.6% discount to the last closing price.

The funds will be used to advance the Jervois project.

Sydney-based base metal explorer Red Metal has raised $3 million in a placement lead managed by Vertitas Securities.

Shares were issued at 9c per share, a 9% discount to the 15-day VWAP.

Woomera Mining has raised $1.9 million to advance exploration at the Mt Venn gold project and Musgrave nickel-copper project.

A placement raised $252,000, while a fully underwritten two-for-three non-renounceable rights issue at 1.2c per share will raise another $1.6 million.

Adelaide Equity Partners is the underwriter, with board and management to participate.

The early exercise of options has raised $1.77 million for Hawkstone Mining.

The proceeds will be used to explore the Lone Pine gold project in Idaho.

Botswana explorer Six Sigma Metals has received commitments to place 160 million shares at a premium price of 0.6c each to raise $960,000.

Every two new placement shares will come with an 0.8c option. The company will seek to raise up to a further $480,000 via a share purchase plan.

Xcel Capital is lead manager to both issues.

Accelerate Resources has raised $1 million in a placement to advance gold exploration.

Alto Capital was lead manager to the 2.88c per share placement, which will be conducted in two tranches.

Castle Minerals has raised $973,078 in a heavily oversubscribed placement at 1c per share to advance gold exploration.

GTT Ventures was lead manager.

Gold explorer Nelson Resources has completed a top-up placement to raise $348,000 to accommodate demand from an earlier rights issue.

Finally, Davenport Resources has raised a further $325,000 via a placement, taking the total amount raised to $872,000.

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