This week’s first Capital Crunch sees Australian Gold and Copper (ASX:AGC) tap investors for $11 million via a placement to fund accelerated drilling activities at the Achilles discovery of its South Cobar Project.
Australian Gold and Copper, which has a market capitalisation of $92.22 million, will issue 34.37 million new shares at $0.32 per share in two tranches.
The issue price represents a 22.9% discount to the last closing price of $0.415 per share.
Canaccord Genuity acted as lead manager to the placement.
Existing shareholder Delin Mining Group Cooperation, which holds 55% of the company’s shares, has exercised its participation rights and committed to subscribe for new shares to maintain its current holding.
Boron-focused 5E Advanced Materials (ASX:5EA) has agreed to issue $6 million in additional senior secured convertible notes to facilitate ongoing operations at the Small-Scale Facility and for FEL-2 engineering.
The company is progressing qualifying customers for commercial offtake agreements and is continuing to pursue various government funding applications.
Bluescape Energy Partners and Ascend Global Investment Fund SPC will each purchase $3 million in additional notes that will be convertible into common shares at $1.53 per share.
Meanwhile, Emu (ASX:EMU) has completed a $250,000 placement, while also undertaking a fully underwritten rights issue at $0.025 per share to raise $1.2 million.
The funds will support further exploration at the Georgetown Project in Queensland and the Fiery Creek prospect. Exploration will include fieldwork, geochemistry, geophysics, and potentially a short maiden drilling program.
Under the rights issue, which is underwritten by Martin Place Securities, about 48 million new shares will be issued.
Emu says for every five shares held on 5 June 2024, three shares will be offered at $0.025, representing a 30.6% discount to the last closing price.
Finally, Gateway Mining (ASX:GML) is conducting a placement to raise $1.2 million to progress ongoing exploration work at the Montague Gold Project in Western Australia.
The company plans to conduct a reverse circulation drilling program, followed by aircore and diamond drilling, as well as additional infill soil sampling to further define emerging gold and copper-nickel target areas.
Under the placement, 60.1 million shares will be issued at $0.02 per share, representing a 9.1% discount to the last closing price of $0.022 per share.
JP Equity Partners acted as lead manager to the placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Australian Gold and Copper
