On Monday, several mining companies topped up their coffers, including IperionX (ASX:IPX) which has received firm commitments to raise $100 million.
Proceeds from the placement will be applied to Virginia titanium production campus expansions, ongoing Virginia development and operations, acquisition of intellectual property and general working capital purposes.
Under the placement, 31.25 million new shares at $3.20 per share will be issued. The issue price represents a 7.2% discount to the last closing price of $3.45.
Petra Capital acted as sole bookrunner and joint lead manager, alongside Bell Potter Securities, to the placement.
IperionX is focused on becoming an American titanium metal and critical materials company using patented metal technologies to produce high-performance titanium alloys from titanium minerals or scrap titanium at lower energy, cost, and carbon emissions.
Meanwhile, Kaiser Reef (ASX:KAU) is conducting a placement to raise $8 million to complete the last development stage of the A1 Mine production plan in Victoria.
Proceeds will be used to complete the ramp up and expansion for gold production at A1, as well as resuming drilling at A1 and Maldon. Proceeds will also go towards general working capital.
Under the two-tranche placement, 53.66 million shares will be issued at $0.15 per share.
The $35.77 million market capitalised company says this investment is expected to be the final financing required to complete the development.
To date, Kaiser Reef has invested $24 million in capital costs to access the Nova Gold Project, which lies below the remnant mine workings and has implemented power, fleet, and ventilation upgrades.
Kaiser’s largest shareholder Ragnar Metals (ASX:RAG) revealed it will be receiving a 1.5% net smelter return royalty on gold produced from the A1 Gold Mine for five years starting from 1 July 2025.
Ragnar Metals has a 16.3% stake in Kaiser Reef, following a strategic investment announced on 17 July 2024. The company owns 33.4 million shares, alongside 16.7 million options exercisable at $0.22.
Executive Director Eddie King says the company is pleased Kaiser Reef is securing further mine development funding to expedite the gold production.
“Ragnar is strategically leveraged to benefit from Kaiser Reef’s potential success at Nova in a period of record gold prices,” he says.
Further, Cannindah Resources (ASX:CAE) is conducting a placement, raising $5 million, to restart drilling at the Mt Cannindah Copper and Gold Project in Queensland.
Under the placement to sophisticated and professional investors, 125 million shares will be issued at $0.04 per share, representing a 13% discount to the last closing price of $0.046.
Placement participants will also be entitled to one free attaching option, exercisable at $0.08 each, for every two shares subscribed for.
Canaccord Genuity will act as lead manager to the placement.
The funds will be used to drill test an induced polarisation anomaly that sits 700m to the southwest of the project’s resource, which has a geophysical signature estimated to be more than double the size of the resource area.
Diamond drilling is expected to begin within weeks.
Write to Aaliyah Rogan at Mining.com.au
Images: IperionX
