Capital Watch: Horizon, Superior Lake and more

THIS week's capital raisings in the junior exploration sector.
Capital Watch: Horizon, Superior Lake and more Capital Watch: Horizon, Superior Lake and more Capital Watch: Horizon, Superior Lake and more Capital Watch: Horizon, Superior Lake and more Capital Watch: Horizon, Superior Lake and more

Staff reporter

Horizon Gold has launched a one-for-seven renounceable rights issue at 30c per share to raise up to $3.3 million.

The issue price represents a hefty 48% discount to the 10-day volume-weighted average price of shares.

The funds will be used to advance the Gum Creek gold project.

North America-focused Superior Lake Resources has placed 18.1 million shares to raise $2.2 million.

The shares were placed at 12c per share, a 4.3% premium to the previous price.

BW Equities was lead manager.

Suspended Redbank Copper is undertaking a one-for-three pro-rata non-renounceable rights issue to raise $2.04 million.

The 2.5c per share offer is being underwritten by CPS Capital Group.

Alloy Resources is seeking to raise up to $2 million to advance its Western Australian projects.

The company received firm commitments for a placement to raise $600,000, and will seek to raise up to a further $1.4 million in an SPP.

Both issues are priced at 3c per share.

Adavale Resources has withdrawn its $1.71 million underwritten rights issue after a referral to the Takeovers Panel.

Kaolin player Metalsearch has raised $1.65 million in a placement to sophisticated investors.

The issue price of 1.3c per share represented an 8.3% discount to the last traded price.

Silver City Minerals has received commitments for a placement of 100 million shares at 1.5c each to raise $1.5 million.

The company said the placement was fully subscribed by sophisticated and strategic investors.

London-listed Rockfire Resources has raised £1 million in a placement.

The funds will be used for deep drilling at the Plateau gold deposit in Queensland.

Base metals explorer Sabre Resources has raised $1.09 million in a two-tranche placement.

Tranche one was priced at 0.25c per share, while tranche two was priced at 0.3c, with both to come with a one-for-two 0.8c option.

Platina Resources has completed a non-brokered private placement to Palisades Goldcorp and another major shareholder to raise $894,400.

The funds will be used to advance the Challa gold project and Munni Munni platinum group metals project.

Redstone Resources has raised $750,000 in an oversubscribed private placement at 1.4c per share after acquiring the HanTails gold project outside Kalgoorlie.

The company accepted oversubscriptions from investors introduced by lead broker Barclay Wells.

Southern Hemisphere Mining has launched a one-for-two non-renounceable rights issue at 1c per share to raise up to $540,000.

The proceeds will be used to accelerate work at the Colina2 gold prospect in Chile.