Amid a rising silver price, Advance Metals (ASX:AVM) announced it would be conducting a capital raise for the week ending 5 October, to fund exploration across the group’s precious metals projects.
Advance, which has a market capitalisation of $31.24 million, is conducting a placement to raise $13 million for exploration across its silver-gold portfolio in Mexico, and gold projects in Victoria.
Under the placement, shares will be issued at $0.10 per share with one-for-two unlisted options exercisable at $0.15 per option with a two-year expiry date.
Cornerstone investments are being made by Jupiter Asset Management and Tribeca Investment Partners, totalling $6.5 million.
The funds will be used to conduct initial drilling at the Guadalupe y Calvo Project in Mexico, as well as an expanded diamond drilling program at the Happy Valley prospect area in Victoria.
Other regional exploration and target generation activities across the Myrtleford and Beaufort projects in Victoria.
In parallel, silver’s spot price has continued to reach higher, touching the US$48 per ounce mark on Thursday 2 October. At the time of writing, silver’s price sat at US$46.81 per ounce.
Another silver-focused company includes Investigator Resources (ASX:IVR), which is conducting a $10 million placement to fast-track the Paris Silver Project’s exploration program in South Australia.
Under the placement, shares will be issued at $0.042 per share, representing a 8.6% premium to the 15-day volume weighted average price of $0.039.
Alpine Capital will be acting as sole lead manager to the placement.
The funds will be used to accelerate permitting to bring silver production forward at Paris, as well as expand exploration work. Exploration work will be undertaken at the Paris Silver Corridor, Uno Morgans, and Curnamona areas.
Nordic raises ahead of Finnish gold project
Meanwhile, Nordic Resources (ASX:NNL) is conducting a placement to raise $1.75 million to advance its Finland gold projects.
The funds will allow the company to expand the ongoing exploration workstreams including drilling at the Kopsa, Kiimala, and Hirsikangas gold projects, as well as fast-track its near-term regional gold production strategy.
Powerhouse Advisory Australia is acting as the agent of the placement, which comprises the issuance of 10.93 million shares at $0.16 per share, representing a 4.2% premium to the 15-day volume weighted average price. The placement also includes 3.64 million options exercisable at $0.25 and expires on 27 December 2025.
On the Canadian front, Renforth Resources (CSE:RFR) is conducting a non-brokered private placement to raise up to C$500,000 for exploration expenditure across the Victoria and Parbec properties in Canada.
At Victoria, infill drilling will be carried out across the deposit, while stripping and sampling will be conducted at Parbec.
As part of the offering, units or flow through (FT) units will be issued at C$0.02 per unit.
Each unit/FT unit will comprise one flow through share of the company and half of one common share purchase warrant. Warrants are exercisable at C$0.05 with a two-year expiry date.
The Victoria property sits within the Malartic Metals Package in Québec, Canada. The Parbec Project is also located in Québec and is contiguous to the Canadian Malartic Mine property.
Write to Aaliyah Rogan at Mining.com.au
Images: Renforth Resources & Investigator Resources
