CAPITAL MARKETS

Capital Watch: Elementos, Hammer and more

A busy week for capital raisings in the small-cap exploration space

Staff reporter
Capital Watch: Elementos, Hammer and more

Tin developer Elementos has raised $6.1 million in a placement of 1c shares and 1.5c options, issued on a one-for-two basis.

BW Equities was lead manager to the placement.

The company will use the funds to advance its Oropresa tin project in Spain.

Hammer Metals has secured $5 million in a placement to fund aggressive Mount Isa copper exploration.

Directors will contribute $650,000 to the placement, which has been priced at 9.5c per share.

The company will seek an additional $1 million in a share purchase plan, with director Ziggy Lubieniecki committing to take up $500,000 of any shortfall.

Discovery Capital Partners was lead manager.

Impact Minerals has raised $4 million via a placement to professional and sophisticated investors, including domestic and overseas funds.

Peak Asset Management was lead manager to the 1.65c per share offer, a 17.7% discount to the last closing price.

The cash will be used to fund work at the Apsley porphyry copper-gold project and to start work in Broken Hill.

AuStar Gold has received binding commitments from institutional, sophisticated and professional investors for a $4 million placement.

Bids of about $6.7 million were received for the 30c per share offer, lead managed by Barclay Pearce Capital.

The company is merging with White Rock Minerals so the cash will be used for transaction costs and exploration.

Unlisted tin developer Kasbah Resources has announced a placement of 22 million shares at 15c each to Pala Investments to raise $3.3 million.

The placement will increase Pala's stake in the company to 71.7%, though the company invited any shareholders to participate in the offer to reduce Pala's subscription.

Lithium play Lepidico has successfully raised $2.92 million through the set-off of 134 million collateral shares issued to Acuity Capital under a controlled placement agreement.

The funds allow engineering, procurement and construction management work in Namibia and the United Arab Emirates to begin immediately.

Fresh from raising $4.9 million in a renounceable rights issue, Metallica Minerals has launched a top-up placement of $2.1 million to accommodate some of the excess demand.

The company is now well-funded to advance the Cape Flattery silica project in Queensland.

After Matsa Resources' $2.17 million renounceable rights issue closed oversubscribed, the company will launch a follow-on placement of $1.24 million to accommodate excess demand.

The proceeds will be used to advance the Lake Carey gold project.

Iron ore developer Carpentaria Resources has raised $2.5 million via a private placement.

The funds will be applied to the Hawsons iron ore project.

Canada-focused Tempus Resources has raised $1.9 million in a non-brokered private placement.

The 12.46 million shares at 15.3c each will be issued in two tranches.

Recently relisted Elmore has raised $1 million at 2c per share in a placement to Regal Funds Management.

Shaw and Partners was lead manager.

Australian Potash has received $857,500 after Mark Creasy's Yandal Investments exercised its unlisted options.

Yandal now holds 7.8% of Australian Potash.

Finally, uranium explorer Valor Resources has raised $270,000 via the early exercise of 60 million unlisted options at 0.45c per share.

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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