Capital Watch: Savannah, Kin and more

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

Staff reporter

Junior Queensland producer Savannah Goldfields has received firm commitments to raise A$4 million via a placement to institutional and sophisticated investors, including a $2.5 million investment from Collins St Value Fund.

Shares are being issued at 20c each, a 25% premium to the previous closing price.

The proceeds will be used for the final consideration payments due for the purchase of the Georgetown project and further upgrades to the Georgetown gold processing plant to increase throughput capacity and for general working capital purposes.

Kin Mining's major shareholder, Delphi AG, has provided a short-term $3 million bond facility to underpin current drilling activities along the Eastern Corridor in Leonora.

The facility is repayable within three months.

The additional funds will enable Kin to maintain and increase current exploration momentum while it completes the recently announced entitlements issue to raise up to $19.2 million.

Gateway Mining has raised $2.5 million in a placement to new and existing investors and directors.

JP Equities managed the placement of 40.3 million shares at 6.2c each, including one-for-three free-attaching options.

The funds will be used for the 2023 exploration program at the Montague gold project.

Iron ore developer Athena Resources has secured firm commitments for a placement of 200 million shares at 1c each to raise $2 million, including a one-for-one option.

The raising will fund a drilling campaign to expand resources at the Byro magnetite project.

The lead manager was Peak Asset Management.

Tungsten producer Almonty Industries has received firm commitments, primarily from existing Australian institutional investors who requested to increase their stake in the Company, to raise $2 million via the issue of 2.5 million CHESS depository interests 80c each, an 11.1% discount.

Subscribers will receive a free 1:1 option, exercisable at $1.25.

Lazarus Corporate Finance acted as lead manager to the placement.

Adelong Gold has received firm commitments from sophisticated and professional investors to raise A$1.15 million.

The company will raise $900,000 via the issue of part of the shortfall of the recent entitlement issue and will issue $250,000 worth of convertible notes.

The funds will be used to progress exploration and development activity at the Adelong gold project.

Finally, Native Mineral Resources has raised $404,000 in a placement to fund exploration.

Shares were issued at 9c each, with a one-for-two option included.