Though the week is young, a number of explorers have sought to top up their coffers with fresh capital raises, with Magnum Mining and Exploration (ASX:MGU) conducting a capital raising of “no less than” $210 million.
The company has entered into an agreement with V Capital Consulting (VCCL) and 2×1.Digital Private to undertake the financing, which will be used to advance its Green Pig Iron Project in Saudi Arabia.
The proceeds will be used to advance the Green Pig Iron Project in Saudi Arabia, including the construction of a HIsmelt plant.
Since announcing the capital raising, the company’s share price had spiked 42.85% to $0.02 as of 1:30pm AEDT on 13 May.
Investors who participate will receive shares in Saudi-based company Midmetal — a 50% subsidiary of Magnum — in proportion to their participation up to a total interest of 50% in Midmetal as well as Magnum shares in proportion to their participation up to a total interest of 19.99%, subject to shareholder approval.
Meanwhile, the Tasmanian Government has awarded ReNu Energy (ASX:RNE) an $8 million funding package for its privately held subsidiary Countrywide Hydrogen.
Countrywide Hydrogen — which aims to become Tasmania’s first major green hydrogen producer — says the funding will be used to deliver green hydrogen from its Hydrogen HyWay#1, once completed, at a price that competes with diesel.
The funding will be made available through the Tasmanian Government’s Green Hydrogen Price Reduction Scheme which aims to stimulate the supply and demand for green hydrogen.
Further, Kingston Resources (ASX:KSN) has raised $4.66 million via a retail entitlement offer. The offer was fully underwritten by an existing major shareholder Delphi Unternehmensberatung Akteingesellschaft.
The proceeds will be used to transition the company to open pit mining at its Pearse Project, as well as underground resource development drilling and the commissioning of the Mineral Hill processing plant for concentrate production.
Shares will be issued on 15 May and will begin trading the following day.
Finally, Iceni Gold (ASX:ICL) is also conducting a capital raising via a placement to raise $1.7 million.
Under the placement, Iceni will issue 26.2 million shares at $0.065 per share. The placement also includes one free attaching option for every two shares held, exercisable at $0.105 until 29 December 2025.
The proceeds will be used for an initial six-month exploration program on four priority drill-ready targets at the 14 Mile Project, including drilling, field work, and assay costs.
Drilling is scheduled to begin at the Christmas Gift target in the June quarter, with aircore drilling to follow along the 11km Guyer Well trend.
Evolution Capital and Morgans Corporate acted as joint lead managers.
Write to Aaliyah Rogan at Mining.com.au
Images: Countrywide Hydrogen
