CAPITAL MARKETS

Capital Watch: Magmatic, Anax and more

THIS week's capital raisings in the small-cap mining space.

Staff reporter
Capital Watch: Magmatic, Anax and more

Magmatic Resources has raised $5 million in a strongly supported placement joint lead managed by Euroz Hartleys and Plutus Capital Advisory.

New shares will be issued at 12c each, a 17.2% discount to the previous close.

The funds will be used to advance drilling in the Lachlan Fold Belt.

Anax Metals has received firm commitments to raise $4.7 million via an oversubscribed placement to fund work at the Whim Creek project.

Veritas Securities acted as lead manager to the 6.8c per share placement.

Junior gold producer Beacon Minerals this week received a further $3.95 million via the exercise of options.

It takes the total raised from option exercises to $11.5 million.

Nickel explorer Legend Mining has received $3.14 million cash through the exercise of unlisted options by directors and senior management.

Managing director Mark Wilson has become a substantial shareholder with 6.1%, making him the company's third-largest shareholder.

Redstone Resources has raised $2.27 million via an oversubscribed placement and will seek to place a further $325,000, subject to shareholder approval.

The 1.2c per share offer was lead managed by 180 Markets.

The proceeds will be used to advance the West Musgrave project.

Aus Tin Mining has raised $2 million to fund its tin projects.

Three quarters of the funds were raised with the assistance of 180 Markets.

NewPeak Minerals has received binding commitments to place 800 million shares at 0.2c each to raise $1.6 million.

The issue was lead managed by 180 Markets with proceeds to be used for drilling in Argentina, New Zealand, Finland and Sweden.

Cannindah Resources has raised just over $1 million in a placement managed by 180 Markets.

The funds will be used to advance the Piccadilly gold project.

Kula Gold has secured firm commitments for a $930,000 placement at 4c per share, a 9.9% discount to recent trading, to fund gold exploration in its Southern Cross gold project, Western Australia, and its emerging Brunswick copper project, on the south-western edge of the Yilgarn Craton.

Lazarus Corporate Finance acted as lead manager.

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