Junior explorers continue to tap the market for fresh capital with North America-focused New World Resources (ASX:NWC) leading the charge with the completion of a $20 million placement.
New World issued about 567 million ordinary shares at $0.036 per share to advance its Antler Copper Project in Arizona, US towards development and production.
Ionic Rare Earths (ASX:IXR) is also conducting a capital raising by way of a share placement to boost its coffers by $5.5 million to advance its magnet recycling technology and enhancements to its demonstration plant.
The company will also use the funds to complete a Feasibility Study for a full-scale plant, with the results expected mid this year, alongside advancing offtake and financing discussions for the Makuutu Project.
Canaccord Genuity and MST Financial Services acted as joint lead managers to the placement, with Canaccord acting exclusively as Global Coordinator and Sole Bookrunner to the offer.
Copper and gold explorer Waratah Minerals (ASX:WTM) announced it is also conducting a placement to raise $3 million for multiple drilling programs.
The placement comprises the issue of 30 million shares at $0.10 per share, representing a 4.8% discount to the last closing price on 19 April 2024.
Proceeds will be used for reverse circulation extensional and exploration drilling, as well as core drilling, and target definition geophysics at the Spur Gold-Copper Project.
Morgans Corporate, Foster Stockbridge, and Bell Potter Securities acted as joint lead managers.
Waratah Minerals’ share price spiked 19% today to $0.125 as of 2pm AEDT.
International Graphite (ASX:IG6), meanwhile, is conducting a placement via the issue of 24 million shares at $0.125 per share to raise $3 million.
The company has also launched a share purchase plan (SPP) giving eligible shareholders the opportunity to apply for up to $30,000 new shares to raise an additional $1 million.
Proceeds from the placement and SPP will be used to advance a Feasibility Study and other feasibility-related activities for the Springdale Graphite Project, as well as a battery anode testwork study and general working capital.
Managing Director and CEO Andrew Worland says this is the company’s first equity market financing since its initial public offering in April 2022.
Write to Aaliyah Rogan at Mining.com.au
Images: New World Resources
