Capital Watch: TNG, Tao, and more

THIS week's capital raisings in the junior space.
Capital Watch: TNG, Tao, and more Capital Watch: TNG, Tao, and more Capital Watch: TNG, Tao, and more Capital Watch: TNG, Tao, and more Capital Watch: TNG, Tao, and more

Staff reporter

TNG has added almost A$9 million in cash in its account after receiving a $5.14 million research and development rebate, and closing a $3.7 million shortfall placement.
A $12.5 million pro rata entitlement issue, at 10c per share, was announced in October 2020, but only raised $9 million.  Sanlam Private Wealth has now stepped in to cover the shortfall.

Mineral sands play Tao Commodities is raising $3.64 million at 30c per share in a placement to institutional and sophisticated investors.

Newly appointed chairman Todd Hannigan will subscribe for $1 million, while his nominees are subscribing for just over $1 million.

The proceeds will be used to advance the Titan heavy mineral sands project in Tennessee.

Podium Minerals has completed a $2.5 million placement to fund further growth at its Parks Reef platinum group elements project in WA. The raising at 11.5c, an 8% discount, will fund infill and extension drilling at depth

Gold explorer Cervantes Corporation has launched a non-renounceable entitlement offer to raise up to $2.14 million.

Shareholders can subscribe for one 0.8c share for every two shares held, with every two new shares to come with a free 1.5c option.

Explorer Nelson Resources has completed a "heavily oversubscribed" placement through Merchant Capital Partners, raising $2.1 million at 7.5c to fund drilling at its Woodline gold and Tempest gold-nickel projects in WA, and geophysics, over the next 12-18 months.

Magnum Mining and Exploration has raised $2 million at 4c, a 24% discount, to fund the newly acquired Buena Vista magnetite project's feasibility study and provide general working capital. 

Victory Mines has received binding commitments to raise $2 million at 0.25c per share for drilling at the Coogee gold project.

Ramelius Resources will participate, while Strike Drilling will subscribe for $250,000, affiliates of Serena Minerals for $200,000 and directors for $125,000.

Allegiance Coal has raised $2 million through the issue of convertible notes to Mercer Street Global Opportunity Fund.

The company will use the funds to try to bring forward first production from its New Elk coking coal project in Colorado to earlier than the June start-up date.

Jadar Resources is finalising a raising of up to $1.8 million at 3c per share.

The proceeds will be used for exploration, specifically in Latin America.

Dual-listed Thor Mining has announced an institutional placement to raise £750,000 to fund its copper, gold and uranium projects.

A London-based specialist resources fund will invest £600,000, while Artemis Resources will put in the balance.

Canada-focused Chase Mining Corporation has received commitments to raise A$821,000 at 1.6c per share.

The funds will be used for drilling at the Alotta and Lorraine projects in Quebec.

Cosmo Gold, the spin-off of 3D Resources, has completed a $600,000 seed raising at 10c per share.

An initial public offering is expected to launch next month.

Finally, shareholders of Lithium Australia have paid the balance of 6.83 million partly paid shares, raising $340,850.