Capital continued to move through the junior mining sector on Monday 2 December, as several ASX-listed companies announced they were rattling the tin.
Everest Metals Corporation (ASX:EMC) is conducting a placement to raise $3.9 million to fund several activities, including a Scoping Study and pilot plant planning for the Mt Edon Critical Mineral Project in Western Australia.
Under the placement, 36.31 million shares will be issued at $0.11 per share, which represents a 10% premium to the June 2024 placement price.
Taurus Capital will act as lead manager to the placement.
In addition to funding the Scoping Study, the funds will be used for the final stage of the 36,000 tonne bulk sampling and processing program at the Revere Gold Project and to establish a maiden resource estimate for the project.
Everest Metals, which has a market capitalisation of $23.28 million, will also use the funds to conduct a 5,500m aircore drilling program at Revere, with the aim to enhance exploration targets.
Athena Resources (ASX:AHN) is undertaking a fully underwritten renounceable pro-rata entitlement offer to raise $2.67 million.
Under the offer, eligible shareholders will be able to purchase one new share for every two shares held at $0.004 per share, which represents a 33.3% premium to the last closing price of $0.003.
The funds will be used to upgrade the confidence in the Byro Magnetite Project’s FE1 deposit’s Scoping Study, including further metallurgical, hydrology, power and environmental assessments.
Athena will also use the funds to conduct exploration across its tenements, investigate opportunities in the green steel industry, and fund the recruitment of a new CEO.
Fenix Resources (ASX:FEX) has agreed to participate and fully underwrite the offer, as well as convert 53 of its 100 convertible notes into ordinary shares. This will equal 265 million shares and represents an interest of 19.84%.
Once converted, Fenix will become the largest shareholder in Athena.
Athena says the support of Fenix as underwriter provides the company with confidence that the offer will raise $2.67 million.
Following yesterday’s announcement, Athena’s share price increased 33.33% to $0.004.
Meanwhile, Genmin (ASX:GEN) completed the second tranche of its $10 million placement, which raised $1.45 million.
Under the two-tranche placement, 200 million shares were issued at $0.05 per share and 210 million new unlisted options exercisable at $0.075 before 30 April 2025.
Genmin, which has a market capitalisation of $30.82 million, plans to use the funds towards meeting corporate costs and provide general working capital while also advancing discussions on project financing for the Baniaka Iron Ore Project in Africa.
Funds will also be used to meet operating costs of Baniaka and its small representative office in Libreville, Gabon.
Lastly, Perpetual Resources (ASX:PEC) is conducting a $1 million capital raising to advance its projects in Brazil.
Under the placement, 71.42 million shares will be issued at $0.014 per share. GBA Capital will act as sole lead manager.
Perpetual Resources, which has a market capitalisation of $11.72 million, will use the funds to continue exploration at the Isabella Lithium Project, advance the Raptor Rare Earths Project, and provide balance sheet flexibility for evaluating strategic opportunities and corporate purposes.
Write to Aaliyah Rogan at Mining.com.au
Images: Everest
