Capital Watch: Gold Mountain, Norwest and more

THIS week's capital raisings in the exploration space.
Capital Watch: Gold Mountain, Norwest and more Capital Watch: Gold Mountain, Norwest and more Capital Watch: Gold Mountain, Norwest and more Capital Watch: Gold Mountain, Norwest and more Capital Watch: Gold Mountain, Norwest and more

Staff reporter

Papua New Guinea-focused Gold Mountain has launched a one-for-three renounceable rights issue to raise up to $5.1 million at 2c per share, a 37% discount to the last close.

Every three shares will come with a free 4c option.

The offer is partially underwritten to $2.05 million by Mahe Capital, including directors' commitments of $643,003.

The funds will be used to explore the Wabag project, repay debt and for working capital.

Norwest Minerals has announced a two-for-three non-renounceable entitlement offer to fund gold and base metal exploration.

One free 10.5c option will be issued for every three 7c shares.

The company has already received commitments for $1.1 million from major shareholders, while a further $1.5 million will be underwritten by Malaco Mining and Henry Sia Kuan-Sheng.

BMG Resources has raised $4 million in a placement lead managed by Argonaut Securities and Taylor Collison.

The company will issue 80 million shares at 5c each to institutional and sophisticated investors.

The proceeds will be used to drill the Abercromby gold project in Western Australia.

Gold explorer Matsa Resources has completed a $3.38 million placement for aggressive drilling at Lake Carey.

The company will issue 42.2 million shares at 8c each, including a one-for-two 17c option.

Fresh Equities managed the placement.

Toronto-listed Sarama Resources launched a non-brokered private placement to raise gross proceeds of up to C$1 million, but quickly upsized the offer due to demand.

The company said the funds would give it flexibility around the timing of its planned ASX listing.

GME Resources has launched a one-for-15 renounceable entitlement issue at A4.5c per share to raise $1.67 million.

The funds will be used for the NiWest nickel-cobalt project, infill drilling and gold exploration.

Explorer NewPeak Minerals has raised $1.62 million via a private placement.

MMG Capital introduced a number of European investors, while 180 Markets also supported the placement.

Finally, Traka Resources has raised $1 million in a placement and will seek to raise an additional $780,000 via a share purchase plan.

The raising price is 1.4c.

The cash will fund drilling at Mt Cattlin in WA.