Capital Watch: Lefroy, Kin and more

THIS week's capital raisings in the junior exploration space.
Capital Watch: Lefroy, Kin and more Capital Watch: Lefroy, Kin and more Capital Watch: Lefroy, Kin and more Capital Watch: Lefroy, Kin and more Capital Watch: Lefroy, Kin and more

Staff reporter

Lefroy Exploration is raising $6.3 million in an oversubscribed share placement to advance the Burns project.

The raising comprises a $6 million placement to sophisticated investors and $300,000 to directors, subject to shareholder approval.

New shares were issued at 35c per share, a 14.6% discount to the last closing price.

Bridge Street Capital Partners and Arlington Group Asset Management were joint lead managers and bookrunners.

Gold explorer Kin Mining has closed its rights issue, raising $7 million of a possible $12.9 million sought, representing a 54% take-up rate.

Three larger shareholders took up a combined $4.8 million.

The company retains the right to place the shortfall within three months.

Carawine Resources is raising $4.9 million at 18c per share for exploration programs at Tropicana and in the Fraser Range.

Major shareholder Christopher Wallin will cornerstone the raising, lifting his stake to 19%.

Bridge Street Capital Partners was lead manager.

New gold producer Resources & Energy Group has raised $2.7 million in a placement following a virtual roadshow to potential investors.

Magnolia Capital cornerstoned the raising.

The placement was organised by Spark Plus and Viaticus Capital.

Toronto-listed, WA-focused Altan Rio Minerals is seeking to raise up to C$2 million in a private, non-brokered placement.

The proceeds will be used to advance the Southern Cross gold project.

Ragnar Metals has received commitments for a placement of 35 million shares at 3.5c each to raise $1.22 million.

The funds will be used for a drilling program in Sweden.

Cygnus Gold has received firm commitments from sophisticated and professional investors to raise $1.1 million at 11.5c per share, a 14% discount to the 15-day volume-weighted average price.

The funds will be used for exploration, business development and working capital.

Westar Resources has received commitments for a single tranche placement to raise $850,000.

The cash will allow the company to advance its Gidgee North VMS project.