On this week’s Capital Crunch, a mix of mining companies raised cash throughout the week to fund a range of activities, specifically in Canada, including Majestic Gold (TSX-V:MJS).
Majestic Gold is conducting a C$50 million ($50.77 million) non-brokered private placement through the issuance of 384.615 million shares at C$0.13 per share.
The funds will be used to advance the company’s strategic growth initiatives. These include strategic equity investments in mining and resource opportunities, as well as joint venture investment opportunities.
Funds will also be used towards acquisitions of assets, transaction costs, technical studies, and due diligence activities.
Majestic believes the financing will enhance its financial flexibility as it evaluates growth opportunities outside its existing operating portfolio.
Brownfield’s expansion
Elevra Lithium (ASX:ELV) is seeking to fund the North American Lithium (NAL) Brownfield Expansion Project in Canada.
Under Elevra’s share purchase plan, the company is seeking to raise $20 million at $12.20 per share.
Shareholders will be eligible to purchase up to $30,000 worth of shares in the company.
The funds will also go towards funding key technical and pre-development activities at the Moblan Project in Québec, Canada, to advance it through to a final investment decision.
This news comes after Elevra also recently completed a $275 million underwritten institutional placement to eligible investors.
Canadian exploration
Apex Critical Metals (CSE:APXC) is conducting a private placement to raise C$10 million, with Canaccord Genuity acting as the lead agent and sole bookrunner.
The placement will comprise the issue of around 5.26 million units at C$1.90 per unit. Each unit will comprise one common share and one common share purchase warrant, exercisable at C$2.60 within a 24-month period.
The funds will be used towards exploration activities at the Rift Project in the US, as well as the CAP and Lac Le Moyne projects in Canada. Funds will also be used for general working capital purposes.
Write to Aaliyah Rogan at Mining.com.au
Images: Majestic Gold
