The flood of capital raisings continue, with even the lithium players still bringing in fresh funds as evidenced by Galan Lithium‘s (ASX:GLN) fully subscribed entitlement offer that raised $13.3 million.
The company plans to use the funds to support it through to production, as well as future development work at the Hombre Muerto West Project in Argentina.
The Hombre Muerto West Project is part of the Hombre Muerto basin, which is considered one of the most prolific salt flats in the world. The basin sits within the Argentinean Puna plateau of the high Andes Mountains at an elevation of 4,000m above sea level.
Under the pro-rata non-renounceable entitlement offer, one new share for every four shares was offered to eligible shareholders at $0.15 per share.
As a result, about 60.19 million shares were issued, plus all of the shortfall offer of 66.46 million shares.
Galan Lithium’s entitlement offer was part of a larger capital raising, announced on 10 September, which aimed to raise $25 million through a $12 million placement and the $13 million entitlement offer.
Petra Capital acted as sole bookrunner and joint lead manager, while Barclay Wells also acted as joint lead manager. Alpine Capital acted as co-manager of the offer.
Meanwhile, explorer and metal recovery technology developer MTM Critical Minerals (ASX:MTM) completed an oversubscribed $8 million capital raising to accelerate the commercialisation of its Flash Joule Heating (FJH) technology.
Under the two-tranche placement, 123 million shares at $0.065 per share were issued. The issue price represents a 3% discount to the 30-day volume weighted average price.
MTM says the funds will be allocated towards the one-tonne-per-day demonstration plant, which will allow for an expedited construction and commissioning, and strategic partnership developments with international industrial partners.
The company is actively in discussions with partners, focusing on leveraging the FJH technology across multiple applications, including gallium extraction from waste streams, lithium refining from spodumene concentrate, and e-waste processing.
Funds will also be used for general working capital and exploration across its portfolio of projects.
Peloton Capital and Sandton Capital Advisory acted as joint lead managers to the placement.
Gold and base metals explorer Trigg Minerals (ASX:TMG) has received commitments for $2.5 million from Australian and international institutional investors.
Under the placement, 100 million shares were issued at $0.025 per share, representing a 16.7% discount to the last closing price of $0.030 on 11 October 2024.
The company says the placement received substantial demand, which reflects high investor confidence in the company’s strategic direction.
Trigg, which has a market capitalisation of $15.92 million, will use the funds to underpin the advancement of the Achilles Antimony, Taylors-Arm and Spartan Antimony projects, as well as other potential project opportunities.
GBA Capital acted as lead manager to the placement. The shares are expected to be settled on 23 October 2024 and be issued the following day.
Trigg Minerals will also be presenting at the Noosa Mining Conference, which is being held at the Peppers Noosa Resort from 13-15 November 2024.
Mining.com.au is an official media partner for this year’s Noosa Mining Conference. Click here to register.
Further, North Stawell Minerals (ASX:NSM) has also completed an entitlement offer, raising $464,582, which will help fund exploration drilling programs at the Wildwood and Darlington-Caledonia projects, as well as general working capital.
The four-for-five non-renounceable pro-rata entitlement offer aimed to raise $1.1 million, yet received applications for only 46.58 million new shares.
North Stawell says about 52.63 million entitlements were not taken up by eligible shareholders, amounting to $526,314.
In accordance with the underwriting agreement, underwriter Henslow will conduct a bookbuild process for selling the shortfall to professional and sophisticated investors at the offer price of $0.01. The results are expected to be announced today (17 October 2024).
Write to Aaliyah Rogan at Mining.com.au
Images: Galan Lithium & MTM Critical Metals
