Following Friday’s news, this week’s first Capital Crunch includes Southern Hemisphere Mining (ASX:SUH) completing a $5 million placement, via 84.72 million shares at $0.035 per share.
The offer price represented a 23.9% discount to the last closing price on 5 June 2024.
Proceeds will be used to fund a reverse circulation and diamond drilling program at the Llahuin Copper-Gold Porphyry Project to “substantially” increase open pit resources towards the scale to begin mining studies.
Exploration will also include further refining deep drill locations at the large Curiosity target and below the Cerro-Ferro deposits for major underground mining upside.
MST Financial Services acted as lead manager to the placement.
Junior explorer Lincoln Minerals (ASX:LML) has also completed a top-up placement of $1 million, bringing its total capital raising to $2.5 million, following from a recent share purchase plan.
Proceeds will be used to progress the Kookaburra Graphite Project’s Prefeasibility Study (PFS) and related project workstreams and conduct graphite product related testwork and end-product analysis.
The proceeds will also fund development work with strategic partners, develop graphite, magnetite, and uranium project strategic funding and partnering discussions, as well as engagement with government and community stakeholders on the Kookaburra Project development.
Under the top-up placement, 132.85 million shares were issued, with participants receiving one free attaching option for every two shares held at $0.014 and a two-year expiration.
Shares under the top-up placement are expected to be issued on or around 12 June 2024, while options are expected to be issued on 25 June 2024.
Lincoln’s non-executive director Julian Babarczy committed $70,000 under the top-up placement.
Meanwhile, MetalsTech (ASX:MTC) says conditions have been satisfied under a previously reported $120.7 million offer from private equity fund Trans Metal Fund (TMF).
The offer was satisfied as a result of underground mining activity for the Sturec Gold Mine. The activities included proceeding to definitive agreement and securing required regulatory approvals.
On 15 January 2024, TMF seeked to acquire all of the issued capital of MetalTech’s subsidiary Ortac Resources, which wholly owned the Sturec Project.
Under the offer, TMF will pay US$36 million cash on completion, US$20 million cash upon receipt of an underground mining activity permit, which has just been granted, and a deferred US$25 million lump sum cash payment, following restarting commercial production at Sturec.
Write to Aaliyah Rogan at Mining.com.au
Images: Southern Hemisphere Mining
