Several companies on the ASX and TSX Venture Exchange are heading to market, with one of the larger raisings being done by Adriatic Metals (ASX:ADT).
The silver and zinc explorer is aiming to raise $80 million via a two-tranche placement of 20.5 million CHESS depositary interests (CDIs) priced at $3.90 per new CDI. The offer price represents a 3.7% discount to the last traded price of $4.05.
Canaccord Genuity, RBC Europe, and Stifel Nicolaus Europe are acting as joint lead managers and joint bookrunners to the placement.
Adriatic Metals plans to use the proceeds to secure long-lead items to expedite the Vares processing plant expansion, as well as initiate studies and workstreams at Rupice Mine.
The studies and workstreams will support production growth and provide spare capacity to de-risk the ramp up to nameplate production, which is anticipated in the second half of this year.
Meanwhile, Canadian explorer TDG Gold Corp (TSX-V:TDG) has completed the second and final tranche of a C$15.5 million ($17.19 million) placement.
Under the second tranche, 14 million shares at C$0.825 per share were issued.
TDG Gold intends to use the funds for continued exploration of its mineral properties in British Columbia, Canada, primarily focusing on discovering porphyry copper deposits and for general working capital.
In parallel, TDG Gold also completed the acquisition of the Sofia Project, which comprises a group of tenements located in the Toodoggone District of north-central British Columbia.
Emerging Canadian gold producer Lion One Metals (TSX-V:LIO) completed an underwritten offering which raised C$8.625 million.
Under the offer, 25.36 million units were issued at C$0.34 per unit. Each unit comprises one common Lion One share and one common share purchase warrant.
Each warrant is exercisable at C$0.41 within 36 months from the closing date of the offer.
Concurrently, the company conducted a private placement which raised C$2.18 million.
Lion One intends to use the funds for mining and mill equipment, as well as ongoing exploration activities at the Tuvatu Gold Project in Fiji.
Finally, Winsome Resources (ASX:WR1) is conducting a placement to raise $7.8 million to advance its Adina Lithium Project in Québec, Canada, into development.
Placement participants can purchase shares at $0.36 per new share, which represents a 15.3% discount to the closing price of $0.425 on 12 February.
Canaccord Genuity acted as sole lead manager and bookrunner, while Euroz Hartleys acted as co-lead manager.
In addition, Winsome is conducting a non-underwritten share purchase plan (SPP) to raise a further $2.5 million.
The SPP will be offered at the same price as the placement and will include one free-attaching unlisted option for every two new shares subscribed for, exercisable at $0.54 per option with a two-year expiry.
Winsome will also use the funds to conduct exploration, as well as grow its mineral resources.
Write to Aaliyah Rogan at Mining.com.au
Images: Adriatic Metals
