CAPITAL MARKETS

Capital Watch: Loyal, Toro and more

THIS week's capital raisings.

Staff reporter
Capital Watch: Loyal, Toro and more

Loyal Lithium has raised $5 million at 75c per share, in line with the 20-day volume-weighted average price.

Canaccord Genuity was lead manager to the placement, which received strong demand from Australian and offshore institutional investors and existing shareholders.

The raising will fund a drilling campaign at the Trieste lithium project.

Toro Energy has received commitments to raise $4.5 million at 1c per share, a 16.7% discount.

The placement included a one-for-two free-attaching option, exercisable at 1.5c within two years.

The funds will primarily be used for the scoping study at the Lake Maitland uranium project.

Red Metal is seeking to raise up to $4.5 million via a placement and non-renounceable rights issue to fund exploration.

The company has received commitments to raise $1.5 million at 8.5c per share and will seek a further $3 million via the one-for-seven rights issue.

Veritas Securities has been appointed as lead manager.

US-focused Magnum Mining & Exploration has completed a placement to raise $2.65 million.

The single-tranche placement was priced at 3.3c per share and included a one-for-two free-attaching option.

The placement will fund the development of the Buena Vista iron project.

New Zealand-focused Siren Gold has received commitments to raise $2 million, including $120,000 from directors and management.

The placement was priced at 7.5c per share and included a one-for-two option, exercisable at 12c within two years.

Morgans Corporate acted as lead manager.

GTI Energy has entered into an at-the-market facility with 8 Capital, providing the company with up to $2 million of standby equity over the next three years.

GTI said the facility gave it balance sheet flexibility as it advances its uranium projects in Wyoming.

Terrain Minerals has completed an oversubscribed placement to raise $785,000 and will undertake a non-renounceable entitlement offer to raise up to $707,425.

The issue price was 0.45c per share, while every two shares will come with an option.

Novus Capital brokered the placement.

Bastion Minerals has raised $546,000 via a placement to fund exploration in Canada and Sweden.

Shares were priced at 2c each and included a one-for-two free-attaching option.

Finally, copper explorer C29 Metals has issued 7 million shares at 7.5c each to raise $525,000.

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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