Companies to have announced capital raises today (2 July) include Blackstone Minerals (ASX:BSX) currently seeking to raise $22.6 million via the issue of 289.80 million shares at $0.078 per share.
The company has attracted interest from a range of Australian and international investors, including Macquarie Bank, which has committed $5 million towards the proposed placement.
The price represents a 14.3% discount to the last closing price on 27 June, as well as a 9% discount to the 5-trading day volume weighted average price (VWAP).
Blackstone also intends to raise an additional $2 million through the issue of 25.64 million shares under a share purchase plan, which will be made available to eligible shareholders.
Funds will be used to commence a 50,000m drilling program, geophysical surveys, fieldwork, and metallurgical and geotechnical work at the Mankayan Copper-Gold Project.
Meanwhile, Trigg Minerals (ASX:TMG) is readying to progress its US and Australian mining operations after the completion of a $12.5 million placement, which issued 147.05 million shares at a price of $0.085 per share.
The issue price represents a 6.51% premium to the 30-day VXWAP of $0.08, as well as a 13.2% discount to the company’s last closing price of $0.098.
For every two shares subscribed, holders will be eligible for one free-attaching option, exercisable at $0.10 to expire three years from the date of issue.
The company intends to advance its Antimony Canyon Project in Utah to have a JORC-compliant resource, while continuing exploration at Wild Cattle Creek in New South Wales.
Battery Age Minerals (ASX:BM8) is raising $3 million in a two tranche placement, issuing up to 60 million shares at a price of $0.05 per share to fund its maiden drilling program at the Bleiberg Project in Austria.
Euroz Hartleys and 62 Capital will act as the joint lead managers to this placement.
The first tranche will see the company issuing 29.91 million shares for the first $1.5 million, before the remaining 30.09 million shares are issued, inclusive of directors and management participation of $150,000, following shareholder approval in an upcoming general meeting expected to take place in August.
The offer price represents a 9.1% discount to the last closing price of $0.055 as listed on 27 June, as well as an 8.4% discount to the 15-day VWAP of $0.054 from this same date.
Holders will also be offered one free-attaching option on the basis of every three shares subscribed, which will expire three years from the date of issue.
The Bleiberg Project is located within a “significant” mining district that has historically produced about 5.5 million ounces of germanium, aligning with Europe’s greater objective to supply critical raw materials.
AuKing Mining (ASX:AKM) is on schedule to raise $1.17 million after receiving commitments from investors for its two-tranche share placement, trading at the company’s last price of $0.006 per share.
Peak Asset Management and Spark Plus are acting as joint lead managers on this placement.
The first $680,025 raised will issue 113.33 million shares pursuant with the company’s existing placement capacity, followed by another 82.89 million shares to be issued for the remaining $497,345.
Directors participation will raise an additional $150,000, awaiting shareholder approval at an upcoming general meeting.
Holders will be eligible for one option per every share subscribed at a price of $0.006, and one option per every two shares worth an exercise price of $0.03.
Meanwhile, the company has entered into a binding term sheet for a $5 million loan facility with RiverFort Global Capital, repayable over three years with 10% fixed interest paid on maturity.
AuKing Mining has also restructured its short term loan facility with GAM Company, seeing a reduction to the amount owning and payment of accrued interest following the stipulations.
AuKing Mining will be attending the Noosa Mining Investor Conference, held between 23-25 July, at the Peppers Noosa Resort.
Mining.com.au is an official media partner of this year’s conference.
Write to Maddison Elliott at Mining.com.au
Images: Blackstone Minerals
