On Monday, several companies were raising capital or closing loan facilities, including Cyprium Metals (ASX:CYM), which closed a $40 million senior loan facility with Glencore International (LON:GLEN).
The funds were used to retire the company’s prior senior secured loan, and additional drawn funds will be directed towards early site works at the Nifty copper complex in Western Australia, support feasibility studies, and general working capital.
The currency of the senior loan facility was changed from Australian dollars to US dollars, with the final facility amount totalling US$27.3 million.
Meanwhile, Cyprium has also executed offtake agreements for copper products, which gives it access to Glencore’s downstream processing assets in Mt Isa and Townsville in Queensland.
Cyprium, which has a market capitalisation of $48.83 million, has retained the ability to sell a minority ownership interest in the Nifty complex and to offer proportionate physical offtake to an incoming joint venture party, subject to certain limitations.
The company has the ability to offer minority investors pro-rata physical offtake with purchased ownership, subject to certain terms and conditions. Proceeds from such a sale will be used to expedite Nifty’s production.
Gold-focused explorer Magnetic Resources (ASX:MAU) has completed a placement, raising $10 million from several new and existing professional, sophisticated, and institutional investors.
The placement received ‘significant’ demand and was oversubscribed. It comprised 8 million new shares at $1.25 per share, which represents an 8.4% discount to the last closing price of $1.365 per share.
Magnetic, which has a market capitalisation of $353.18 million, plans to use the funds for resource definition drilling, deep drilling to expand the Lady Julie Gold Project’s resource, exploration drilling, and ongoing feasibility work.
Argonaut Securities acted as sole lead manager to the placement.
The placement shares are expected to be settled on 4 October 2024.
Diversified mineral explorer Odessa Minerals (ASX:ODE) is conducting a two-tranche placement to raise $1.1 million, which will help advance the Lyndon Uranium Project in Western Australia.
Odessa’s share price surged 100% on the back of the news on Monday, to $0.004.
Tranche one comprises 225 million shares at $0.002 per share, while tranche two comprises 331.25 million shares, subject to shareholder approval at an upcoming annual general meeting in November.
The issue price represents a 23.9% discount to the 15-day volume weighted average price of $0.0263.
Funds will go towards exploration and drilling at Lyndon, as well as general working capital.
Meanwhile, North Stawell Minerals (ASX:NSM) announced its capital raising — by way of a four for five underwritten, non-renounceable, pro-rata entitlement offer to raise $1.1 million — is open.
The issue price is set at $0.01 per share, representing a 28.6% discount to the last closing price of $0.014 per share.
Funds will be used for exploration and drilling programs at Wildwood and Darlington-Caledonia projects, as well as general working capital.
Henslow was the underwriter for the entitlement offer.
Write to Aaliyah Rogan at Mining.com.au
Images: Cyprium Metals, Magnetic Resources
