Capital Watch: RareX, Magnetic and more

THE money continues to roll in for juniors.

Staff reporter
Capital Watch: RareX, Magnetic and more

RareX has raised A$4 million via a placement to institutional, sophisticated and professional investors to fully fund resource definition drilling and studies for its Cummins Range rare earths and phosphate project.

Every two new 4.5c share come with a free-attaching option, exercisable at 6.75c within two years.

Directors plan to subscribe for an additional $500,000 worth of shares, subject to shareholder approval.

Canaccord Genuity and Bell Potter Securities are joint lead managers.

Laverton gold explorer Magnetic Resources has received binding commitments for a $3.24 million placement.

Shares are being issued at 45c each with a one-for-three free-attaching option exercisable at 68c within two years.

Novus Capital acted as joint lead manager.

NickelSearch has launched a $2.4 million rights issue to fund nickel and lithium exploration.

The one-for-three offer is priced at 7c per share and will include a one-for-one option, exercisable at 7c by November 2023.

Discovery Capital Partners and Cumulus Wealth are joint lead managers, while Discovery will also underwrite the offer.

Gold explorer GBM Resources has raised $1.5 million, underpinned by a cornerstone investment from Collins Street Asset Management.

The funds will be used to advance gold exploration in the Drummond Basin.

Bryah Resources has launched a one-for-three renounceable rights issue to raise up to $1.78 million at 1.9c per share, a 17% discount.

The offer, which will fund copper exploration, includes a three-for-two option.

Mahe Capital will underwrite the offer to $500,000.

Eastern Metals has announced a one-for-two non-renounceable entitlement issue to raise $1.4 million, managed by Veritas Securities.

Shares are being issued at 5c each, a 29.6% discount, and will come with a one-for-two option.

Redstone Resources has received firm commitments to raise $1.25 million as part of the acquisition of the Attwood Lake lithium project in Ontario.

GBA Capital is lead manager to the placement of 125 million shares at 1c each with a one-for-three free-attaching option.

Finally, Alice Queen has secured $400,000 via the issue of convertible notes.

The joint lead managers were Deal Access and Cadmon Advisory.

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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