On Monday (14 October), a bunch of mining companies announced capital raisings to fund exploration programs, including Raiden Resources (ASX:RDN), which is rattling the tin for $10 million to accelerate and expand drilling at the Andover Lithium Project in Western Australia.
Under the placement, 312.5 million shares will be issued at $0.32 per share, representing a 17.9% discount to Raiden’s last traded price of $0.39 per share.
Kaai Capital and Evolution Capital will act as joint lead managers to the placement.
Raiden Resources, which has a market capitalisation of $109.21 million, intends to use the funds to expedite and add to the current drilling campaign at the Andover South Lithium projects.
Initially a 5,000m diamond drilling program was planned, however observations from the first five holes, along with further spodumene observed in the target area two, have provided the company with confidence to expand drilling up to 15,000m.
The funds will enable the company to test additional targets and plan for deeper drillholes across its existing program.
The placement shares are expected to be allotted on or around 17 October 2024 and will rank equally to existing shares on issue.
Viridis Mining and Minerals (ASX:VMM) is also undertaking a two-tranche placement to raise $4 million to fund work on the Colossus Rare Earths Project in Brazil.
Under the placement, 7.69 million shares will be issued at $0.52 per share, representing a 9.57% discount to the closing price of $0.575.
Tranche one will comprise 5.98 million shares, while tranche two will comprise 1.71 million shares, subject to securing shareholder approval at an upcoming annual general meeting on 29 November 2024.
Bell Potter Securities and Foster Stockbroking will act as joint lead managers to the placement.
Viridis Mining, which has a market capitalisation of $37.9 million, says the funds will be used for issuing an updated resource estimate, mixed rare earth carbonate testing on a bulk composite from the southern concessions, as well as Prefeasibility and Definitive Feasibility studies.
The funds will also go towards designing and constructing the demonstration plant and environmental approvals.
Meanwhile, Infinity Mining (ASX:IMI) is conducting a placement to raise $2 million to support facilitating strategic acquisitions.
Under the placement, 106 million shares will be issued at $0.019 per share, representing a 31% discount to the 30-day volume weighted average price.
CPS Capital Group will act as lead manager for the placement.
Infinity Mining, which has a market capitalisation of $5.15 million, says the capital raising is a condition precedent to the GMH Resources and Eastern Victoria Gold Exploration projects, previously announced on 15 August.
The funds will also be supporting the Cangai Project acquisition.
Emerging mineral processing technology company Zeotech (ASX:ZEO) is conducting a placement to raise $1.82 million.
Under the capital raising, 60.68 million shares will be issued at $0.03 per share representing the last traded price on 9 October 2024.
Placement participants will also receive one free attaching option for two unlisted options, exercisable at $0.06 per option, expiring on or before 31 October 2025.
The funds will ensure Zeotech is well funded to execute its near-term strategic initiatives throughout 2024 and beyond. It will primarily be applied to advancing feasibility and front-end engineering design studies associated with the Toondoon kaolin project and metakaolin production for low-carbon concrete.
Funds will also support the company to accelerate the Toonodoon mining plan work, metakaolin life cycle analysis, methane control program, and metakaolin and zeolite sample production, alongside general working capital.
Zeotech will also be presenting at the Noosa Mining Conference this year at the Peppers Noosa Resort held during 13-15 November 2024.
Last year’s November event attracted more than 1,000 attendees in-venue and online.
Mining.com.au is an official media partner for this year’s Noosa Mining Conference. Click here to register.
Write to Aaliyah Rogan at Mining.com.au
Images: Raiden Resources
