Gold explorer Classic Minerals has entered into a mandate with Still Capital for a capital raising of up to $4 million via the issue of convertible notes.

Each note has a face value of $25,000 and will convert to shares within 18 months.

Noteholders will also be entitled to one free-attaching option for every two shares issued on conversion.

BMG Resources has received commitments to raise $2.5 million via a placement at 3.8c per share.

Argonaut Securities was the lead manager.

It comes as BMG is planning major follow-up drilling at its Abercromby gold project.

Megado Gold has raised $2.4 million in a placement to institutional and sophisticated investors with proceeds to be used for exploration at the North Fork rare earth project in the US.

The placement was managed by CPS Capital.

Tungsten producer Almonty Industries has closed a private placement of 2.5 million CHESS depositary interests at 85c per CDI to raise $2.12 million.

The shares were purchased by the company's third-largest shareholder Deutsche Rohstoff.

The proceeds will be used for general working capital.

Finally, Battery Minerals has received commitments to raise $2 million via a two-tranche placement.

Morgans Corporate and Foster Stockbroking acted as joint lead managers to the 0.65c per share issue.

The funds will be used for copper-gold exploration in Victoria and copper exploration in Western Australia.