Mining companies made an impact on the Australian Securities Exchange (ASX) yesterday, as news broke for several explorers raising capital.
Marimaca Copper (ASX:MC2) has returned $80 million worth in commitments from its brokered placement to further exploration at the Pampa Medina Project and Marimaca Oxide Deposit (MOD).
The company will issue 8.25 million chess depositary interests (CDI) at a price of $9.70 per CDI, exceeding the targeted quantum.
Macquarie Capital, Euroz Hartleys, and Beacon Securities are acting as joint lead managers to this placement, with Canaccord Genuity acting as the co-manager.
The placement is expected to settle on or about 11 September.
As reported by Mining.com.au yesterday (8 September), CEO Hayden Locke says the support from this placement is a reflection of the prospectivity of Marimaca’s next phase of exploration and development for MOD and Pampa Medina.
“This raise will allow us to move expeditiously into the detailed design and engineering phase at the MOD, as well as expand the exploration program at both Pampa Medina and the Marimaca sulphides exploration target,” Locke says.
Marimaca Copper is focused on furthering development at its wholly owned namesake project and proximal properties in the Antofagasta region in Chile.
Meanwhile, Metal Powder Works (ASX:MPW) has returned firm commitments to raise $15 million via a placement to scale production output using its metal powder production technology.
The company will issue 4.3 million shares at $3.50 per share, representing a 5.1% discount to the last trading price on 4 September and a 0.5% discount to the 5-day volume weighted average price (VWAP).
The placement is expected to settle on 15 September, with Canaccord Genuity acting as the lead manager.
Metal Powder intends to strengthen its balance sheet with funds, including the repayment of a legacy loan to The Barnes Global Advisors, which is affiliated with CEO John Barnes.
Coda Minerals (ASX:COD) is raising $8.33 million through an entitlement offer to push its Elizabeth Creek Project in South Australia towards a Prefeasibility Study.
The offer is underwritten by Leeuwin Wealth, offering shareholders the opportunity to apply for one share per every three held, valued at $0.10 per share, representing a 22.4% discount to the five-day VWAP up to 3 September.
The offer is expected to open on 23 September, before closing 16 October.
Every four shares subscribed will gift holders an attaching offer, exercisable at $0.15 on or before 28 March 2029.
Along with the underwriter, Cumulus Wealth acted as a joint lead manager to this offer.
Directors have proposed to contribute $200,000 towards the offer for around 2 million shares.
Funds will be streamed onwards ongoing drilling, engineering studies, and metallurgical testwork, which will propel the Elizabeth Creek Project towards a Prefeasibility Study.
Finally, Heavy Minerals (ASX:HVY) is raising $200,000 via its at-the-market subscription agreement with Acuity Capital to fund working capital.
The company will set-off 665,000 shares previously offered to Acuity, significantly reducing its 1.94 million shares required to be returned upon termination or maturity of the agreement.
Shares hold an issue price of $0.30 per share, representing a 4.9% discount to the 15-day VWAP of $0.31 as of 5 September.
Heavy Minerals is an Australian mineral explorer, holding whole interest across its Port Gregory and Red Hill projects in Western Australia.
Write to Maddison Elliott at Mining.com.au
Images: Coda Minerals
