Capital Watch: WA Kaolin, New World and many more

ONE of the busiest weeks for junior capital raisings in recent memory.

Staff reporter
Capital Watch: WA Kaolin, New World and many more

WA Kaolin has secured A$7.7 million in financing with major offtake partner, Stanco International taking a 15% stake in the company at 17c per share, a 26% premium.

Stanco will be entitled to nominate a director to the WAK board.

New World Resources has attracted a $5 million investment from RCF Opportunities Fund II.

The investment, at 3.2c per share, will make RCF a 6.9% shareholder.

New World said it was advancing discussions with multiple other parties regarding additional funding to advance its Antler copper project in Arizona.

Astral Resources has secured commitments to raise $3 million via the issue of 46.2 million shares at 6.5c each.

The company will seek to raise a further $2 million via a share purchase plan at the same price.

Cumulus Wealth acted as lead manager, with cash to be used to advance the Mandilla and Feysville gold projects.

ChemX Materials will receive $500,000 from the issue of 600,000 convertible notes to Mercer Street Global Opportunity Fund and will seek approval to issue a further 2.04 million convertible notes to raise an additional $1.7 million.

The company is in negotiations with the investor to issue up to 4.65 million convertible notes for $3.8 million.

A $3.78 million placement has been completed Krakatoa Resources at 3.6c to fund drilling at its King Tamba lithium and Mt Clere rare earth projects in Western Australia. CPS Capital was lead manager for the placement. 

An entitlement offer seeking up to $1.01 million has also opened on the same terms.

Tambourah Resources has closed a $2.5 million placement to support its Pilbara lithium projects and will open a $1.2 million SPP.

Bell Potter Securities is lead manager to the 23.5c per share placement.

Lithium explorer Reach Resources has raised $4 million at 1c per share, in line with its last closing price, managed by Westar Capital.

The company will also issue options on a one-for-three basis.

Reach will use the cash to complete the maiden drilling program at the Yinnetharra lithium project.

Brightstar Resources has received commitments for a $3.5 million placement at 1.1c per share, an 8% discount to the five-day volume-weighted average price of shares.

Canaccord Genuity acted as lead manager and bookrunner.

The proceeds will be used to accelerate activity across Brightstar's Menzies and Laverton gold projects.

Delivery of the Ohmgebirge potash feasibility study in Germany has prompted South Harz Potash to raise $2.6 million at 3c per share via a placement. A $500,000 SPP will also open.

Morgans Corporate is lead manager and bookrunner.

Olympio Metals has secured binding commitments to raise $2.5 million at 18c via a placement with Canaccord Genuity to fund its acquisition of the Cadillac lithium project in Canada, and for initial exploration efforts.

Olympio directors have pledged $75,000 and the chair of vendor Vision Lithium has offered $205,000.

Green Critical Minerals has completed a private placement to raise $1.72 million for the Mcintosh graphite project.

The 1.3c per share placement includes a one-for-two free-attaching option.

Arcadia Minerals has raised $1.5 million at 10c to advance drilling at its Bitterwasser lithium project in Namibia.

Major shareholder Raubex Group has committed to subscribe for $431,250.

Cooper Metals has closed an oversubscribed placement for $1.25 million at 12.5c and is seeking up to $750,000 on the same terms via an SPP to fund more drilling at its King Solomon copper-gold project in Queensland.

Prenzler Group was lead manager.

Anax Metals has closed a $1.1 million placement at 6.5c to support development of its Whim Creek copper-zinc joint venture in WA.

Peloton Capital was lead manager.

Lithium explorer Red Mountain Mining has raised $850,000 in a placement at 0.4c per share and will seek a further $750,000 in an SPP.

Subscribers to the offers will receive one attaching option for every two shares issued.

Xcel Capital acted as lead manager.

Kincora Copper is raising $2 million via the issue of 40.6 million new CHESS depositary interests, supported by its largest shareholder, Big Ben Holdings.

Morgans Corporate and Bridge Street Capital Partners acted as joint lead managers.

The funds will be used to advance exploration in New South Wales.


Uranium explorer ENRG Elements has withdrawn its $1.5 million SPP due to the political uncertainty in Niger.

All money will be refunded.

Narryer Metals has raised $1.4 million via a placement to institutional, professional and sophisticated investors.

Funds raised in the 12c per share placement will be used for lithium, rare earth and nickel-copper-PGE exploration in Canada, Western Australia and South Australia, respectively.

Morgans Corporate acted as lead manager.

Lithium explorer Pan Asia Metals has raised $1.265 million at a 4% premium.

Managing director Paul Lock subscribed for $500,000.

South Africa-focused West Wits Mining has requested a placement of $922,804 under an equity placement agreement with SBC Global Investment Fund.

The price will be equal to the higher of 95% of the seven-day VWAP or 1.5c minimum price set by West Wits.

Rimfire Pacific Mining has raised $800,000 to fund its copper and cobalt projects in New South Wales.

The issue price of 0.8c represented a 26% premium to the five-day VWAP.

MRG Metals has issued 200 million shares at 0.25c each to raise $500,000 to fund mineral sands exploration.

Peak Asset Management was lead manager to the placement, which also included one-for-two free-attaching options.

Finally, Norwest Minerals has placed $497,000 worth of shares to Perth Select Seafoods.

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.

editions Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.


Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.


Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.


Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.