Capital Watch: Australian Mines, Minotaur and more

THIS week's capital raisings were led by circa-A$5 million offers by Australian Mines and Minotaur Exploration.
Capital Watch: Australian Mines, Minotaur and more Capital Watch: Australian Mines, Minotaur and more Capital Watch: Australian Mines, Minotaur and more Capital Watch: Australian Mines, Minotaur and more Capital Watch: Australian Mines, Minotaur and more

Staff reporter

Australian Mines has received firm commitments to raise $5.2 million in a placement to institutional investors.

Canaccord Genuity was sole lead manager to the placement, which will see 290.1 million shares issued at 1.8c per share.

The funds will be used to advance the Sconi cobalt-nickel-scandium project.

Minotaur Exploration has completed an oversubscribed placement to raise $4.05 million, lead managed by Taylor Collison.

The issue price of 5c represented an 8% discount to the 10-day volume-weighted average price of shares.

The proceeds will be used to fund base metals and gold exploration in Queensland and South Australia.

The company has launched a share purchase plan at the same price to raise up to a further $1 million.

Menzies gold explorer Kingwest Resources has launched a one-for-five non-renounceable rights issue to raise up to $3.3 million.

The offer is fully underwritten by Canaccord Genuity.

The issue price of 13.5c is a 13% discount to the five-day volume-weighted average price.

Lithium developer Lake Resources has raised $2.55 million in a 3c per share placement to fund marketing activities.

Viriathus Capital acted as sole lead manager and worked with Fresh Equities, which assisted with partially underwritten cornerstone support to $1.25 million.

Astro Resources has completed a $2.45 million capital raising in two tranches to advance its portfolio.

The issue price is 0.35c per share, a 48% discount to the last closing price.

Americas-focused Tempus Resources has received firm commitments for a placement of just over 8 million shares at 31c each to raise $2.5 million.

Petra Capital was lead manager and bookrunner.

The main use of the funds will be work at the Blackdome-Elizabeth gold project.

Cohiba Minerals has raised $2.29 million in a placement to professional and sophisticated investors, and additional commitments from directors for a further $290,000.

The company is now fully funded for drilling at the Horse Well project.

Traka Resources has announced a one-for-five non-renounceable entitlement issue to raise up to $1.84 million.

The 2c per share offer will fund work at the Mt Cattlin gold project.

Adavale Resources has withdrawn a $1.7 million entitlement offer for the second time.

A newly appointed board decided to withdrawn the latest offer and refund the money.

3D Resources has received firm commitments to raise $1.22 million to advance the Adelong Goldfield.

Each two 0.5c shares will come with a free-attaching 0.7c option.

Finally, Caeneus Minerals has completed a placement of 125 million shares at 0.4c each to raise $500,000 for Mallina Basin exploration.

Every two shares will come with a 1.5c option, expiring at the end of December 2023.