On this week’s Capital Crunch, ASX-listed companies seeking to secure funding packages via capital raises or drawdown debt facilities to support near-term activities, continue apace, notably for Matsa Resources (ASX:MAT).
Matsa, which has a market capitalisation of $94.22 million, secured a $15 million funding package to expedite works at its Lake Carey Gold Project in Western Australia, via a $10 million placement and a $5 million debt facility.
The placement is at an issue price of $0.10 per share, representing a 13% discount to the closing price of $0.115. As part of the placement, there will be 22.9 million unlisted options issued to FiftyOne Capital, exercisable at $0.13, with an expiry date of 30 September 2028.
Under the 12-month debt facility, $5 million can be drawn down with five days notice. The facility can be repaid in cash or in gold bullion at the lender’s, Temorex, election.
Studies will also begin on the potential for a Matsa-owned processing facility to process ore from the Lake Carey Project and other potential regional opportunities. In addition, exploration work will accelerate, where the company has previously intersected visible gold in drilling.
Yandal Resources (ASX:YRL) is conducting a $13.5 million placement to expand and further accelerate exploration across the Caladan target area and Arrakis prospect, as well as at the Ironstone Wall-Barwidgee Gold Project.
Under the placement, 46.4 million shares at $0.29 per share, representing a 4.4% discount to the five-day volume weighted average price on 26 September.
Stralis Capital Partners will act as sole lead manager and bookrunner to the placement.
Upon completion, Yandal will have $16.1 million cash at hand.
Podium Minerals (ASX:POD) is also undertaking a share placement and entitlement offer to raise $12 million to advance the Parks Reef Project in Western Australia.
Shares will be issued at $0.064 per share, representing a 5.2% discount to the five-day volume weighted average price.
Leeuwin Wealth and Cumulus Wealth are acting as joint lead managers to the offer.
As part of the funds, diamond core material for pilot plant testwork, information continuity below the resource and three previously drilled intersections at 500m at depth.
Podium, which has a market capitalisation of $65.54 million, will also begin pilot plant construction and extensive testwork program, generating operating, and product data for development modelling to accelerate feasibility studies.
The funds will also be used to restate the resource estimate for the Range Well Nickel Project.
Australian Mines (ASX:AUZ) has received firm commitments to raise $4 million via a strategic placement.
Under the placement, shares were issued at $0.02 per share, together with one attached option for every two new shares subscribed for. GBA Capital and Ignite Equities will be co-managers to the placement.
Funds will be used to drill at the Flemington Scandium project, as well as expand drilling at the Boa Vista Gold Project in Brazil and maintain general working capital flexibility.
Write to Aaliyah Rogan at Mining.com.au
Images: Matsa, Yandal Resources, & Podium Minerals
