On Thursday (28 November), several mining companies announced they were raising capital or had secured funds, including Carnaby Resources (ASX:CNB) which is conducting a two-tranche placement to raise $17 million.
The $61.89 million market capitalisation company is seeking to raise the equity to fund the acquisition of the Trekelano copper-gold deposit in Queensland, from privately held Chinova Resources Osborne.
Funds will also go towards a Prefeasibility Study (PFS) for the Greater Duchess Project, including the integration of Trekelano into the PFS, exploration and resource growth drilling.
Under the placement, 54.8 million shares will be issued at $0.31 per share, representing a 13.9% discount to the last closing price of $0.36 on 25 November 2024.
Euroz Hartleys will act as sole lead manager and bookrunner to the placement.
Carnaby directors Robert Watkins, Peter Bowler, Greg Barrett, and Paul Payne plan on applying for an aggregate of $500,000 of new shares on the same terms as the placement, subject to shareholder approval.
As part of the binding asset sale agreement, Carnaby has already paid a $3 million cash deposit and will pay a further $6 million upon transferring the tenements.
Meanwhile, Latitude 66 (ASX:LAT) has partnered with the European Union funded research project, where the Kuusamo Schist Belt in Finland, has been identified as a key case study for targeted research.
The Kuusamo Schist Belt is one of three regions to be included in a €5 million ($8.12 million) Unified Novel Deep Exploration for Critical Ore Discovery project funded by the EU’s Horizon Europe research and innovation program.
Latitude 66 says the funding and work conducted as part of the project will assist ongoing exploration targeting across the Kuusamo Schist Belt.
It supports the need for increased extraction of raw materials, specifically critical mineral resources from within the EU.
The project brings together 16 partners from Canada, Czech Republic, Finland, France, Germany, Namibia, and Portugal. Latitude 66 says the consortium includes geological surveys, universities, research institutes, exploration companies, and industrial clusters.
Another company raising capital is Great Southern Mining (ASX:GSN), which seeks to raise $2.5 million via a placement.
Great Southern, which has a market capitalisation of $15.23 million, plans to use the funds towards accelerating exploration programs across its Western Australian portfolio.
The company intends to continue drilling to define resources and extend mineralisation at several advanced target areas at the Duketon Gold Project, advance further priority targets, and initiate studies around a potential small-scale mining operation at the Mon Ami Gold Project.
GBA Capital will act as sole lead manager to the placement.
Under the placement, 138.07 million shares will be issued at $0.017 per share, representing a 6% discount to the last closing price of $0.018 on 26 November 2024.
In addition, 8.98 million shares will be issued to certain company directors and management on the same terms and conditions as the placement, to raise $152,700.
Further, Orpheus Uranium (ASX:ORP) is raising $1.66 million via a placement to fund advancing its core assets in South Australia and the Northern Territory.
Taylor Collison will act as sole lead manager to the placement.
Under the placement, 47.5 million shares will be issued at $0.035 per share, representing a 16.7% discount to the last closing price of $0.042 on 25 November 2024.
Funds will be used for exploration work on the company’s uranium projects and to develop Orpheus’ geologically prospective project pipeline, as well as general working capital.
Write to Aaliyah Rogan at Mining.com.au
Images: Carnaby Resources
