Capital Watch: Odyssey, Encounter and more

DESPITE dire market conditions, the past week saw many juniors able to raise funds.

Staff reporter
Capital Watch: Odyssey, Encounter and more

Odyssey Gold has launched a one-for-four non-renounceable entitlements offer to raise up to A$4.6 million.

New shares will be issued at 3c each with directors to take up their full entitlements and partially underwrite the offer to $900,000.

Funds raised will enable the company to continue exploration at the Tuckanarra gold project.

Encounter Resources has raised $4 million at 12c per share to fund work at its 100%-owned projects.

The company will raise a further $300,000 in a placement to directors, subject to shareholder approval.

Canaccord Genuity and Chieftain Securities were joint lead managers.

Base metals explorer Belararox has raised $3.85 million in an oversubscribed placement priced at 55c per share, including a one-for-one option.

The placement will fund work at the Belara project in New South Wales.

CPS Capital Group acted as sole lead manager.

Eastern Resources has received firm commitments for a placement to raise $3 million, including a strategic investment of $2 million by strategic partner Ya Hua International Investment and Development Co.

The funds will allow the company to acquire further lithium projects.

The placement was lead managed by CPS Capital Group.

Greenvale Mining has launched a share purchase plan to raise up to $2.4 million for its Alpha torbanite and geothermal projects.

New shares will be offered at 6c per share.

Zeotech has raised $2.2 million for kaolin exploration and research with Griffith University.

Subscribers to the 4.2c issue will also receive a 10c option for every two new shares, expiring in September 2024.

Consolidated Zinc has raised $2.1 million to fund Pilbara lithium exploration.

The company will raise the cash in two tranches, with the second tranche of $430,000 to be raised from directors and major shareholder Copulos Group.

RM Corporate Finance acted as lead manager for the 2.2c per share issue.

Gold explorer Auric Mining has received commitments to place $1.1 million worth of shares and will seek to raise a further $750,000 via an SPP.

The issue price for both offers is 7.2c per share, with every two shares to come with a free-attaching option exercisable at 15c by March 2024.

Lazarus Capital Partners acted as lead manager.

Nickel explorer Estrella Resources has raised $1.8 million via a placement of 150 million shares at 1.2c each.

The company will also issue one free-attaching listed option, exercisable at 2c by July 2023, for every two shares issued.

Chile-focused Bastion Minerals has completed a $1.5 million placement at 7.9c per share.

GTT Ventures acted as lead manager to the placement, which included a one-for-two free-attaching option.

Riedel Resources has received firm commitments to raise $1.5 million for gold exploration in Arizona.

The company will issue 300 million shares in two tranches at 0.5c each.

M3 Mining has launched a one-for-four non-renounceable rights issue at 1.2c per share to raise up to $1.1 million.

The proceeds will be used for drilling at Victoria Bore and Edjudina.

Nickel explorer Metal Hawk has raised $1 million via a placement to sophisticated investors lead managed by Bell Potter Securities.

The placement price was 16c, a slim 0.8% discount to the last closing price.

Rafaella Resources has drawn down $1 million in equity as part of a Starboard Global placement facility.

The funds will be used to complete the acquisition of the Horden Lake copper-nickel deposit in Quebec.

Finally, Marmota has raised $212,000 in a placement to a key investor at 5.3c, a premium.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

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