CAPITAL MARKETS

Capital Watch: Pursuit, Matador and more

Despite weak market conditions, there was a huge uptick in capital raisings this week

Staff reporter
Capital Watch: Pursuit, Matador and more

Pursuit Minerals has entered into an at-the-market facility with Alpha Investment Partners for up to A$5 million of standby equity capital over the next 12 months.

The facility can be used at Pursuit's discretion with the price to be the greater of a floor price set by the company or up to a 10-day discount to the volume-weighted average price.

Canada-focused Matador Mining has raised $4.5 million to advance gold drilling programs in Newfoundland.

The company completed a placement of $2 million and a Canadian flow-through raising of $2.5 million, issuing 36.7 million shares at an average 12.3c per share.

Shaw and Partners and Desjardins Securities acted as joint lead managers to the placement, while Bank of Montreal acted as co-manager.

Directors will subscribe for a further 1.8 million shares, subject to shareholder approval.

Matador will also launch a share purchase plan to raise up to a further $1 million at 11.5c per share.

Uranium explorer Okapi Resources has received firm commitments to raise $2.5 million in a placement to new and existing institutional and sophisticated investors.

Directors will subscribe for $130,000 worth of shares, subject to approval.

Canaccord Genuity will act as lead manager.

Estrella Resources has received firm commitments to raise $2.08 million in a placement to professional and sophisticated investors.

New shares will be issued at 1.75c each, with every two shares to come with a free-attaching 4c option.

Directors will participate for an additional $50,000, while Topdrive Drillers Australia has agreed to accept $200,000 worth of shares in lieu of cash for drilling services.

Placement funds will be used for drilling and the definitive feasibility study for the 5A nickel mine.

Nagambie Resources is raising up to $2 million for drilling in Victoria.

The company has appointed Far East Capital to act as lead manager for the issue of up to $2 million worth of convertible notes at 8c per note.

Phosphate developer PhosCo received $2 million from the early exercise of options.

Lion Selection Group, Retzos Group, Lion Manager and directors were among the shareholders to exercise early.

Kingwest Resources has launched a share purchase plan to raise up to $1.5 million.

The 6.5c per share offer includes a one-for-two option.

The proceeds will be used for exploration at the Lake Goongarrie gold discovery.

As part of the acquisition of tenements in Tanzania, Cassius Mining has lodged a prospectus for a capital raising to raise $1.37 million.

Up to 80.7 million shares will be issued at 1.7c per share.

Laverton gold explorer Magnetic Resources has received binding commitments to raise $1.1 million via the issue of 1.05 million shares at $1.05 each.

The placement includes $265,000 from directors, subject to shareholder approval.

Mandrake Resources has entered into an agreement with Barclay Wells to underwrite the company's July 2022 listed options.

The underwriting amount is $1.2 million.

West Wits Mining has requested a placement of $383,522 under its equity placement agreement with SBC Global Investment Fund.

Finally, Arrow Minerals has raised $350,000 at 0.6c, a 200% premium to market prices, after announcing an option over the Simandou North iron ore project in Guinea.

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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