Capital Watch: Australian Vanadium, Pure and more

AUSTRALIAN Vanadium's A$5 million placement leads this week's junior capital raisings.
Capital Watch: Australian Vanadium, Pure and more Capital Watch: Australian Vanadium, Pure and more Capital Watch: Australian Vanadium, Pure and more Capital Watch: Australian Vanadium, Pure and more Capital Watch: Australian Vanadium, Pure and more

Staff reporter

Australian Vanadium has raised $5 million in a placement conducted via 180 Markets.

Every two new 1.4c shares issued will come with a free 2.5c, two-year option.

The proceeds will be used to deliver the bankable feasibility study for the Australian vanadium project, the VSUN Energy project and exploration at Coates.

Pure Minerals has received firm commitments from institutional and sophisticated investors to raise $4.4 million at 1.5c per share, a 19% discount to the 15-day volume-weighted average price.

Foster Stockbroking was lead manager.

The funds will be used to advance a pilot plant for the TECH development.

Argonaut Resources has raised $2.7 million in a well-supported placement and will seek a further $1.2 million via a share purchase plan.

The issue price is 0.55c, a 21% discount to the last close.

The bulk of the proceeds will be used to drill test the Murdie copper project in South Australia.

MetalsTech has raised $3.3 million via the issue of 20 million shares at 16.5c each.

Sanlam Private Wealth acted as lead manager, with proceeds to be used to advance the Sturec gold mine.

Nickel explorer Auroch Minerals has raised $2.9 million to accelerate drilling at the Saints and Leinster projects.

The 6.8c per share offer was heavily oversubscribed and lead managed by Canaccord Genuity.

Titanium Sands has received commitments for a placement to raise $2.2 million and will seek a further $500,000 via a share purchase plan.

Every two 4.4c placement shares will come with a free 10c, three-year option.

The placement was managed by CPS Capital.

New South Wales explorer Rimfire Pacific Mining will place 168 million shares at 1.25c each to raise $2.1 million, and will seek a further $500,000 via an SPP.

The raising will fund work towards the company's goal of finding a 1 million ounce gold or 1 million tonne copper deposit.

European Lithium has raised $2.1 million in a placement to institutional and strategic investors.

For every four 4.5c shares, a free 5c option will be issued.

The funds will be used to advance the Wolfberg lithium project.

Australian Silica Quartz has received binding commitments for a placement to sophisticated and institutional investors to raise $2 million.

Taylor Collison is lead manager to the 7c per share placement. An SPP will also be launched.

Lithium developer Lake Resources has used its controlled placement agreement with Acuity Capital to raise $900,000.

The issue price of 6c is just above the 15-day VWAP.

Red Mountain Mining has received firm commitments for a placement to raise $800,000 via Xcel Capital.

Shares are being issued at a 25% discount of 0.7c per share, with every two to come with a 0.8c option.

Finally, Mount Burgess Mining has raised $416,000 via 180 Markets for its Botswana polymetallic projects.