Magnetite Mines has launched a renounceable rights issue to raise up to $5.65 million.

The offer is underwritten to $4 million by lead manager Mahe Capital.

The issue price is 1c per share, a 19% discount to the last closing price.

Funds will be used for the prefeasibility study on the Razorback iron project in South Australia.

Taruga Minerals has received binding commitments to raise $4 million via the placement of 66.6 million shares at 6c each, a 7.7% discount to the last closing price.

Ashanti Capital and Foster Stockbroking were joint lead managers.

The proceeds will be used to advance the Flinders and Torrens iron oxide-copper-gold projects in South Australia.

Alta Zinc received valid applications of $4 million for a $500,000 share purchase plan.

The company upsized the SPP to $2 million to meet demand.

East Kimberley explorer Peako has raised $939,500 in an oversubscribed placement via Fresh Equities and will undertake a pro-rata entitlement offer to raise up to $1.02 million.

The issue price is 3.25c, with every two shares to come with an unlisted 5.5c option.

European Lithium is planning a placement, organised by Talaxis and Empire Capital Partners, to Australian and offshore sophisticated investors to raise up to $2 million.

Every four new 4.5c shares issued will come with a 5c July 2022 option.

Suspended Redbank Copper has undertaken a private placement to sophisticated investors to raise $1.8 million.

The funds will be used to advance projects, settle liabilities and for working capital.

Queensland gold explorer Great Northern Mining has received firm commitments to raise $1.6 million in a placement to institutional, sophisticated and professional investors, including $100,000 to directors.

The issue price of 1.9c represents a 9.5% discount to the last closing price.

Canaccord Genuity was lead manager and bookrunner, with Xcel Capital as co-lead manager.

Toro Energy has used a controlled placement agreement with Acuity Capital to issue 108 million shares at 1.11c each to raise $1.2 million.

The company has been exploring its Yandal project for nickel and gold.

Goldfields explorer Golden Mile Resources has raised $1.11 million via Sanlam Private Wealth, and will seek to raise a further $500,000 via a share purchase plan.

The issue price for both offers is 5c per share, a 17% discount to the five-day volume-weighted average price.

Balkans explorer Raiden Resources has raised $1 million, including a $195,000 commitment from directors.

The company is reviewing gold opportunities in Australia and abroad.

Finally, Dark Horse Resources has placed 196 million shares at 0.175c per share to raise $343,000 to fund gold exploration.