Capital Watch: Valor, Medallion and more

THIS week's capital raisings in the small-cap mining space.
Capital Watch: Valor, Medallion and more Capital Watch: Valor, Medallion and more Capital Watch: Valor, Medallion and more Capital Watch: Valor, Medallion and more Capital Watch: Valor, Medallion and more

Staff reporter

Valor Resources has completed a $5.4 million placement to fund uranium exploration in Canada's Athabasca Basin.

About 319 million shares will be issued at 1.71c per share, a 7% premium, as flow-through shares.

CPS Capital Group acted as an advisor to the company.

Medallion Metals has raised $4.8 million for ongoing exploration at the 674,000 ounce Ravensthorpe gold project.

The two-tranche placement, priced at 19c per share, was heavily oversubscribed.

Canaccord Genuity was lead manager with Argonaut as co-manager.

African Energy Resources (soon to be renamed Alma Metals) has launched a placement of 46.5 million shares at 4.3c each to raise $2 million.

The company is repositioning as a copper explorer.

Cullen Resources has launched a share purchase plan at 1.7c per share to raise up to $1.36 million.

Funds raised will be used for base metals and gold exploration in WA.

Laverton gold explorer Magnetic Resources has received binding commitments to raise $1.02 million via a placement priced at $1.42 per share, an 11% discount to the last closing price.

The proceeds will be used for additional drilling, metallurgical, resource and study work at the Hawks Nest 9 and Lady Julie projects.

Bauxite explorer Lindian Resources has received commitments to raise $1 million via a non-brokered placement.

Subject to shareholder approval, the company to will 10 million of the 33.3 million shares to chairman Asimwe Kabunga to repay a loan.

White Cliff Minerals has raised $912,000 via a placement at 12c per share.

It comes after the company recently announced the acquisition of lithium and rare earths projects.

Finally, Native Mineral Resources has raised $632,628 of a possible $3.09 million sought in a one-for-six entitlement offer.

The company plans to place all or part of the shortfall, including an issue of one million shares to director Philip Gardiner and 802,750 shares to director Blake Cannavo, subject to shareholder approval.