Capital Watch: Eagle Mountain, Saturn and more

THIS week's capital raisings in the junior space.
Capital Watch: Eagle Mountain, Saturn and more Capital Watch: Eagle Mountain, Saturn and more Capital Watch: Eagle Mountain, Saturn and more Capital Watch: Eagle Mountain, Saturn and more Capital Watch: Eagle Mountain, Saturn and more

Staff reporter

US-focused copper explorer Eagle Mountain Mining has received commitments to raise $5 million and will seek a further $1 million via a share purchase plan.

The placement will include a $2 million subscription from managing director Charles Bass, subject to shareholder approval.

The offer price of 16.5c represents a 13.2% discount to the last closing price.

The funds will be used for further drilling at the Oracle Ridge project in Arizona.

Gold explorer Saturn Metals has launched a one-for-five non-renounceable rights issue to raise up to $4.68 million.

The issue price of 18c per share represents a 23.4% discount to the previous close.

The funds will be used to accelerate development of the Apollo Hill project.

Graphite explorer Lincoln Minerals has lodged a prospectus for a 67-for-50 non-renounceable pro-rata rights issue to raise $4.6 million.

The offer is fully underwritten by Evolution Capital and partially sub-underwritten by shareholder Australia Poly Minerals.

The issue will allow Lincoln to achieve re-quotation of its shares on the ASX.

Far East Gold has received subscriptions for a placement to raise about $2.1 million and will seek a further $1.5 million via an SPP.

The issue price is 50c per share, a 13.8% discount to the last closing price.

Reach Corporate is the lead manager.

Desert Metals has received firm commitments to raise $2.5 million via a placement to sophisticated and professional investors.

Canaccord Genuity acted as lead manager for the placement.

Funds raised will be directed towards drilling of the company's Innouendy rare earth discovery.

Mineral sands developer MRG Metals is raising up to $2 million to advance its projects.

The company has raised $840,000 and will conduct a three-for-five non-renounceable entitlement offer to raise $1.17 million.

Peak Asset Management was lead manager.

Cohiba Minerals has launched a share purchase plan targeting up to $2 million for exploration in South Australia, Western Australia and Queensland.

Shares will be issued at 0.6c per share, including a one-for-two free-attaching option, exercisable at 1c within two years.

New South Wales explorer Adelong Gold has launched a one-for-three entitlement offer to raise up to $1.18 million before costs.

Directors will participate in the offer, which has been priced at 0.8c per share.

Athena Resources has announced a rights issue on the basis of one option for every three shares held.

The company is aiming to raise up to $580,312 in the offer, which is being managed by Peak Asset Management.

Finally, Essential Metals has raised $496,540 from the exercise of options.

topics

loader