Capital raises among resources companies in mid-week news (9 July), include Blackstone Minerals (ASX:BSX), which tapped investors for $22.6 million as part of its ongoing exploration activities at its Mankayan Project.
Evolution Capital and Wallabi Group acted as the joint lead managers for this placement, as well as Argonaut acting as co-manager.
First announced on 2 July, the company issued 289.8 million shares at a price of $0.78 to Australian and international institutional investors, including Macquarie Banks’ $5 million commitment.
The issue price represents a 14.3% discount to the closing price and 9% to the 5-day volume weighted average price (VWAP)
In conjunction with this placement, existing shareholders were asked to participate in a share purchase plan with 25.64 million shares on offer at the same trading price, to raise $2 million.
Funds will expedite a 50,000m drilling program, geophysics, induced polarisation survey, magnetics and further fieldwork, as well as metallurgical and geotechnical work at the project.
Blackjack stakes raised
Meanwhile, Native Mineral Resources (ASX:NMR) has received commitments to raise $10 million to ramp up production after its first pour from the Blackjack Plant within its Charters Towers Gold Project.
Blue Ocean Equities acted as the lead manager to this placement.
The company will issue 62.5 million shares at a price of $0.16 per share, representing a 12.3% discount to its last closing price of $0.18 on 4 July.
Funds will be used to cover plant commissioning and refurbishment costs, expansion study and consultant costs, as well as upcoming infill and resource drilling to be conducted over 1,000m weekly.
Arizona Lithium (ASX:AZL) is selling its Big Sandy Lithium Project and Lithium Research Centre to Big Sandy Lithium, LLC, and Advanced Lithium Research, raising roughly US$5 million ($7.66 million).
The company is executing a share purchase plan alongside non-dilutive fundraising, which was oversubscribed to raise around US$4.25 million of the total funds.
Buyers will receive mining claims and operations of the project, as well as being assigned the LRC lease and sale of assets.
Arizona intends to shift focus onto its Prairie Lithium Project in Saskatchewan, Canada, after its recent approval for phase one of production.
As the largest shareholder in Lakes Blue Energy (ASX:LKO), NewPeak Metals (ASX:NPM) has secured $1.14 million to advance exploration efforts at its wholly owned Wombat Gas Field.
The company has divested 1.65 million Lakes Blue shares, reducing its overall holding to 11.89% with 7.93 million shares.
NewPeak does not intend to further reduce holdings, using funds to commence a drilling program at the Wombat Gas Field, located in the Gippsland Basin in Victoria.
Native Mineral Resources 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: Native Mineral Resources
