Rincon Resources (ASX:RCR) has completed an oversubscribed capital raising of $5.6 million via a placement to fund exploration at the West Arunta Project in Western Australia.
Rincon will issue 56 million shares at $0.10 per share, representing a price equal to the 10-day volume weighted average price on 17 May 2024.
CPS Capital Group and Ironside Capital acted as joint lead managers.
The majority of the funds will be designated to the West Arunta project to fast track and expand systematic drill testing of high priority niobium-rare earths and iron-oxide-copper-gold targets for at least the next 12 to 18 months.
These activities include diamond and reverse circulation drilling at the new Avalon target, reverse circulation drill testing of the new Sheoak, K1 and K2 targets, and expanding follow-up drilling programs at the Pokali prospect.
Meanwhile, Akora Resources (ASX:AKO) has completed a capital raising, which comprised a placement for $801,000 and an entitlement offer for $3 million.
PAC Partners and Harbury Advisors acted as joint lead managers to the equity raising.
The funds will be used to conduct a Prefeasibility Study and early development works at the Bekisopa Iron Ore Project, as well as exploration drilling at the Satrokala project.
Further, Felix Gold (ASX:FXG) is conducting a placement to raise $2.6 million via the issue of 47.3 million shares at $0.054 per share.
The issue price represents a 19.4% discount to the last closing price of $0.067.
Funds raised from the placement will be used to complete the maiden resource at the Northwest Array Project, progress ongoing exploration and resource expansion drilling at the Grant Mine and Northwest Array projects.
The company aims to substantially grow its current 364,000-ounce inferred resource.
Reach Corporate acted as lead manager to the placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Rincon Resources
