Several mining companies announced capital raises yesterday (21 May), including Nimy Resources (ASX:NIM), who has completed its placement of $2.75 million to fund exploration at its Block 3 gallium discovery.
The company has issued 32.35 million shares at $0.085 per share.
The placement also offered one free attaching unlisted option for every two shares purchased, for a maximum of 16.18 million options, at a price of $0.135 to expire three years from the date of issue.
Charles Street and GBA Capital acted as joint lead managers for this placement.
Australian explorer Koba Resources (ASX:KOB) is raising $1.7 million to fund its upcoming drilling program at the Yarramba Uranium Project in South Australia.
Koba has received firm commitments for $600,000 of the total, which will be raised via a placement of 16.67 million shares at an issue price of $0.036 per share.
Investors will be offered one option for every two shares owned, with 8.33 million free-attaching options on offer, at an issue price of $0.08 expiring 30 June 2028.
An additional $1.1 million is targeted at a price of $0.36 per share, with approximately 31.71 million shares on offer through a one-for-five renounceable entitlement issue. A free-attaching option will be available under the same conditions as the placement.
Cygnet Capital will act as the lead manager for the placement and the entitlement issue.
Meanwhile, Ardea Resources (ASX:ARL) has received a $1.2 million tax refund from the research and development incentive initiated by the Australian Tax Office (ATO).
For the year ending 30 June 2024, Ardea was eligible for this grant for critical minerals studies undertaken across its Kalgoorlie Nickel Project.
Research and development activities were implemented to test the company’s mineralised neutraliser hypothesis to segregate the base of nickel laterite mineralisation into mineralised fines and magnesite scats.
Write to Maddison Elliott at Mining.com.au
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