On Thursday, several ASX-listed mining companies were tapping investors to raise funds for various activities, including Bellevue Gold (ASX:BGL), which is conducting a placement to raise $150 million.
The funds will be used to repay debt, unlock project free cashflow to allow Bellevue to self-fund expansion in line with its updated five year growth plan, and support accelerated exploration work.
Bellevue, which has a market capitalisation of $2.15 billion, says its five year growth plan involves production growth to 250,000 ounces per year by the 2028 financial year, materially growing its earnings and production profile, as well as reducing the project all-in sustaining cost profile to $1,500-1,600 per ounce by the 2029 financial year.
Under the placement, shares will be issued at $1.55 per share, representing a 15.3% discount to the last traded price of $1.83.
The placement is fully underwritten by Macquarie Capital, Canaccord Genuity, and UBS Securities Australia.
Once completed, Bellevue will offer eligible shareholders in Australia and New Zealand the opportunity to participate in a non-underwritten share purchase plan (SPP), to raise up to $25 million.
Under the SPP, which opens on 1 August 2024, new shares will be offered under the same price as the placement.
Shares issued under the placement and SPP will rank equally with existing shares.
African-focused explorer and developer Globe Metals and Mining (ASX:GBE) received a non-binding letter of intent from Ecobank Malawi for a US$15 million ($22.84 million) loan facility.
The loan facility, which has a five-year term, is subject to a satisfactory outcome of the due diligence work, securing approval of Ecobank’s credit committee, and executing all formal facility and security documents.
Globe Metals and Mining, which has a market capitalisation of $35.26 million, says the purpose of the loan is to develop the Kanyika Niobium Project in central Malawi.
The letter of intent will remain valid until 31 October 2024.
Ecobank is an affiliate of the Ecobank Group which is a private pan-African banking group.
Lithium developer Lake Resources (ASX:LKE) has used its at-the-market subscription agreement (ATM) to raise $2.5 million.
Subject to shareholder approval, Lake Resources will issue 65 million shares at $0.385 per share to Acuity Capital, to raise the funds.
Lake Resources, which has a market capitalisation of $58.39 million, says the funds will be used to strengthen its balance sheet as it continues ongoing strategic priorities for the Kachi Project, and the potential sale of certain non-core assets and lithium tenements in the Jujuy and Catamarca provinces.
Diversified junior explorer Javelin Minerals (ASX:JAV) has completed a capital raising, which exceeded $2 million, via a placement and entitlement offer.
Under the placement, 425 million shares and 425 million free attaching listed options were issued to raise $425,000, as well as 325 million listed options. Under the non-renounceable pro-rata entitlement offer, 75 million shares and 37.5 million free attaching listed options were issued to raise $75,000.
The company also issued 400 million performance rights to executive Chairman Brett Mitchell.
Javelin Minerals is also conducting an additional placement to raise a further $100,000, under the same price as the previously conducted placement and entitlement offer.
Participants will receive one free attaching option at $0.002 each for every two shares subscribed for.
The funds raised will be used to advance current work programs on the company’s existing assets, as well as to review new mining project opportunities.
Coal explorer and developer MCM Mining (ASX:MCM) has entered into a $1 million loan facility with Eagle Canyon International Group.
The facility, which will be available until 30 June 2025, will be used for general working capital and stabilise the company’s liquidity position.
MCM Mining is a dual listed South African coal mining company. The company’s key assets include the Uitkomst Colliery, Makhado, Vele Colliery, and Great Soutpansberg projects.
Following a previously conducted capital raising to raise $600,000, junior explorer Trigg Minerals (ASX:TMG) has received binding commitments to raise an additional $200,000.
The company will issue 25 million shares at $0.008 per share to sophisticated, professional, and institutional investors, subject to shareholder approval.
GBA Capital acted as lead manager to the placement.
Funds raised will be used to extend exploration work at the Drummond Basin Project in Queensland, and for general working capital.
Write to Aaliyah Rogan at Mining.com.au
Images: Bellevue Gold, Globe Metals, Javelin Minerals
