Capital Watch: Vango, Argonaut and more

CAPITAL raisings from the past fortnight in mining.
Capital Watch: Vango, Argonaut and more Capital Watch: Vango, Argonaut and more Capital Watch: Vango, Argonaut and more Capital Watch: Vango, Argonaut and more Capital Watch: Vango, Argonaut and more

Staff reporter

Gold explorer Vango Mining has agreed terms with sophisticated and professional investors to raise $6.1 million.

Sophisticated investors will subscribe for $4.1 million of the 6.5c per share placement, with $2 million to be contributed by related parties.

The company has also agreed to convert $200,000 of fees owing to contractors to equity.

Argonaut Resources has raised $5.2 million in a placement that initially targeted $4 million.

The 0.75c per share issue price was a 16.7% discount to the last closing price.

The funds will be used for copper drilling in Zambia and South Australia.

NSW coal miner Malabar Resources, which was previously listed on the ASX between 2013-17, has launched a pro rata non-renounceable entitlement offer to raise $2.8 million as it works to develop its Maxwell underground mine in the Hunter Valley.

It comes after the company wrapped up a $25 million institutional offer.

Oar Resources has raised $2.3 million for drilling in WA, SA and Nevada.

The placement price of 1.3c per share represents a 7.1% discount to the previous closing price with investors to receive a one-for-one 3c option.

Kimberley explorer Peako has raised $2 million in a placement and will seek a further $500,000 in a share purchase plan.

Every two 3.5c shares will come with a 5.5c option, exercisable by June next year.

The placement was organised by Fresh Equities and supported by major shareholder the Albers Group.

Riedel Resources has raised $1.87 million via a placement to institutional, sophisticated and professional investors.

Westar Capital was sole lead manager to the 1.5c per share offer.

The funds will be used to advance the Kingman project in Arizona.

Zeus Resources has received commitments to raise $810,000 via a placement of 27 million shares at 3c per share.

Every three shares will come with a 10c option.

The company is evaluating new mining projects in uranium, copper, gold and other metals in Australia, South East Asia and Africa.

Dual-listed Metal Tiger has received £226,683.80 via the exercise of warrants.

Finally, Metalicity has raised A$134,851.85 from the exercise of options.