Investors were keen to get into Lotus Resources (ASX:LOT) this week, with the Africa-focused uranium miner receiving excess demand for its $110 million placement.
This prompted the company to increase the size of the two-tranche placement to $130 million at an issue price of $0.25 per share.
Tranche one involves the issue of about 267.6 million shares under the company’s existing placement capacity, while tranche two covers the issue of roughly 252.4 million shares and is subject to shareholder approval.
The funds will be used to support the accelerated restart of the Kayelekera Uranium Project in Malawi.
Lotus is also now undertaking a share purchase plan on the same terms as the placement to raise a further $15 million.
Macquarie Capital (Australia) and Jett Capital Advisors are acting as joint lead managers to the placement.
Meanwhile, Image Resources (ASX:IMA) has locked in a binding US$20 million ($30.1 million) offtake prepayment facility with Chinese offtake partner Shantou Natfort Zirconium and Titanium.
Shantou Natfort has been Image’s key offtake customer for heavy mineral concentrate (HMC) produced from the company’s Boonanarring Project in Western Australia since the start of 2019.
The new funds will support working capital requirements as Image moves through construction and commissioning of its Atlas Mineral Sands Project, with first HMC production targeted for the first quarter of 2025 and a return to operating revenue by the second quarter.
The facility is unsecured with a 12-month term and can be drawn down in two tranches of $US10 million. It will be repaid by the delivery of HMC from the Atlas Project.
Papua New Guinea-focused explorer Tolu Minerals (ASX:TOK) has received firm commitments for a $26.7 million placement to sophisticated and institutional investors at an issue price of $0.80 per share.
Proceeds from the placement will be used to accelerate exploration and the redevelopment of the Tolukuma Gold Mine.
Belararox (ASX:BRX) is raising $8 million via an oversubscribed placement to sophisticated and professional investors.
The funds will support the company in progressing the TMT Project in Argentina, via a 6,000m drilling program at the Malambo and Tambo South targets which is kicking off next month.
Under the placement, 32 million shares will be issued at $0.25 per share, representing a 12.3% discount to the 18 October closing price of $0.285.
Euroz Hartleys and Canaccord Genuity acted as joint lead managers and bookrunners to the placement.
In conjunction, a field program has begun at TMT, with civil works progressing and roads being constructed. The company notes the camp is being refurbished ahead of the upcoming drilling program.
Prodigy Gold (ASX:PRX) has received firm bids for the remaining shortfall of its recent entitlement offer, to raise an additional $1.67 million at $0.002 per share.
This will bring the total amount raised under the rights issue to $2.1 million.
Prodigy Gold says this shortfall placement forms part of the non-renounceable pro rata entitlement offer, of one share for every two shares held at $0.002, together with two unquoted attaching options for every three new shares issued.
On 20 August 2024, Prodigy Gold aimed to raise $2.12 million to fund exploration work across its Tanami North and Twin Bonanza projects, as well as several brownfield targets.
At Tanami North, the company is working to determine the next steps towards future development of the recently updated mineral resources. Meanwhile, at Twin Bonanza, the company will review completed studies for the project to determine the next steps for development of the deposit.
Prodigy Gold will also conduct a detailed review of the Old Pirate mineral resource.
Funds raised will also be used to conduct ongoing testwork on the Hyperion deposit to better understand the metallurgical properties of the mineralisation, as well as project development and divestment, field capital equipment, acquisition costs and tenement maintenance costs.
New Age Exploration (ASX:NAE) is also undertaking a placement to raise $1.75 million to fund exploration across its Wagyu Gold Project in the Central Pilbara region of Western Australia, and its Lammerlaw Gold and Antimony Projects in Otago, New Zealand.
Under the placement, 350 million shares will be issued at $0.005 per share. For every two new shares issued, participants will receive one free attaching option exercisable at $0.012 before 21 December 2026.
CPS Capital Group will act as lead manager to the placement.
The funds will be used to conduct a reverse circulation drilling program on high-priority gold targets defined by the recently completed two-phase aircore drilling program, as well as advance exploration activities at the Lammerlaw Project and for general working capital.
Lastly, Patagonia Lithium (ASX:PL3) has entered into an agreement with Jose Manzano, a prominent Argentinian national involved in mining and lithium exploration, to issue 14.9 million shares at $0.09 per share to raise $1.34 million.
The new shares under the placement represent a 10% discount to the 18 October closing price of $0.10.
Peak Asset Management will act as lead manager to the placement.
The funds will be used to complete the current lithium brine drilling program in Argentina, as well as prepare an updated resource estimate.
Write to Aaliyah Rogan at Mining.com.au
Images: Lotus Resources, Belararox & New Age Exploration
