St Barbara (ASX:SBM) has completed the first tranche of its $100 million placement, raising $33 million via the issue of 87.28 million shares at $0.38 each.
As previously reported, St Barbara, which has a market capitalisation of $257.77 million, will use the funds to advance key areas of its Simberi Sulphides Expansion Project in Papua New Guinea.
The company aims to expedite first production from the project by up to five months. The key components include the procurement and construction of a new larger ball mill circuit, constructing the expanded wharf for concentrate vessels, and construction of the new run-of-mine pad and sizer installation.
Under the second tranche of the placement, St Barbara aims to raise $67 million, subject to shareholder approval at an upcoming general meeting on 12 December 2024.
In conjunction, a share purchase plan (SPP) is being conducted to raise an additional $10 million. The SPP opens on 15 November 2024 and closes on 4 December 2024 at 4pm AEDT.
Native Mineral Resources (ASX:NMR) is conducting a private placement and non-renounceable entitlement offer to raise a total of $19.3 million.
The funds will be used to repay initial debt to Collins St regarding the acquisition of the Far Fanning and Black Jack project, as well as exploration costs across the newly acquired tenements and existing assets over the next 12 months.
Native Mineral Resources, which has a market capitalisation of $13.94 million, will also use the funds for reimbursing due diligence costs to CEO Blake Cannavo, project security fees, and general working capital.
Under the placement, which aims to raise $3.46 million, 86.59 million shares will be issued at $0.04 per share. The issue price represents a 14.3% premium to the last closing price of $0.035.
ABL Capital Partners will act as lead manager to the placement.
Eligible shareholders will also be able to participate in a one-for-one entitlement offer, targeting $15.9 million, under the same issue price as the placement.
Cannavo intends to apply for his full entitlement under the offer, which totals 75.05 million new shares, valued at about $3 million.
The company notes if the offer is not taken up in full, the company’s CEO will provide additional funding up to $1.2 million.
Meanwhile, International Graphite (ASX:IG6) has entered into a funding agreement with the Department of Jobs, Tourism, Science and Innovation for a $4.5 million grant.
The funding will be used to construct the first purpose-built commercial graphite micronising plant in Australia.
International Graphite, which has a market capitalisation of $10.45 million, plans to apply $2 million of the funding, towards the 3,000-tonne-per-year micronising facility that will be built in Collie at an estimated cost of $4 million.
The first stage of construction is expected to be fully funded to mechanical completion.
International Graphite adds that the remaining $2.5 million of funding will be applied to expand the facility and at least double capacity.
Ultimately, the company envisages expanding the Collie facility to around 10,000 tonnes per year.
It is expected to produce 95% total graphitic carbon (TGC) and 99% TGC micronised products from graphite concentrates produced at the Springdale Project in Western Australia, once the mine is in production.
Mining services company RBR Group (ASX:RBR) has updated the timetable for a previously announced entitlement offer, which aims to raise $619,802.
The company reports the opening date of the entitlement offer is 21 November 2024 and the closing date is 27 November 2024.
Results for the offer will be announced on 9 December and shares are expected to be settled the same day.
Under the pro-rata non-renounceable offer, one new share will be offered to shareholders for every three shares held at $0.001 per share.
The funds will primarily be used to repay convertible notes and general working capital.
In conjunction, RBR is conducting a two-tranche placement to raise $675,000, via the issue of 675 million shares at the same issue price as the offer.
CPS Capital Group is sole manager and broker to the placement.
Write to Aaliyah Rogan at Mining.com.au
Images: St Barbara
