This week’s first Capital Crunch flags Thunderbird Resources’ (ASX:THR) $4.1 million capital raising to fund a 2,400m drilling program at the Hidden Bay Uranium Project in Canada.
Drilling at Hidden Bay will begin in August this year. The funds will also go towards accelerating exploration work across its uranium assets in the Athabasca Basin, specifically at the Surprise Creek and Hidden Bay projects.
Under the placement, 45 million shares will be issued at $0.03 per share to raise $1.35 million.
A fully underwritten non-renounceable entitlement offer will also be conducted, on the basis of one share for every two shares held, to raise $2.77 million at the same price per share.
CPS Capital Group acted as lead manager to the placement, while RM Corporate Finance acted as the underwriter to the entitlement offer.
Argent Minerals (ASX:ARD) is also conducting a placement to raise $2.5 million to fund a follow-up reverse circulation drilling program at its Kempfield Project.
Drilling is expected to begin in the next quarter, pending the receipt of relevant regulatory approvals.
The funds will also be used to conduct an updated resource estimate, alongside a trenching and drilling program at Copperhead.
Under the heavily oversubscribed placement, about 138.88 million shares will be issued at $0.018 per share.
Merchant Capital Partners acted as the lead manager to the placement and will receive 6% of the proceeds as its fee. Subject to shareholder approval, Merchant Capital will also receive 10 million unlisted options at $0.036 per option with a 36 month expiry date.
Classic Minerals (ASX:CLZ) is undertaking an entitlement offer to raise $2 million, on the basis of one new share for every share held at $0.004 per share.
Under the non-renounceable offer, which opens on 12 June 2024, there is one bonus option for every two shares subscribed for, exercisable at $0.02 on or before 30 June 2027.
The funds will support Classic’s exploration and development activities, particularly focusing on the development of the Kat Gap and Forrestania gold projects.
Classic says $200,000 will go towards an infill drilling program at Kat Gap, while $100,000 will go towards infill drilling at Forrestania. In addition, $50,000 will go towards field costs and $380,000 will go towards the acquisition of the Forrestania Project.
The offer is expected to close on 3 July 2024.
Finally, Iondrive (ASX:ION) is conducting a placement to raise $2 million to finalise its battery recycling Pre-Feasibility Study, progress industry collaborations, and fund early planning and preparations for the pilot plant design and construction.
The company is navigating the path to complete the PFS, focusing on technological, commercial, and executional de-risking strategies. This approach ensures a strong foundation for the anticipated pilot plant construction planned for 2025 financial year.
Under the placement, Iondrive will issue 222.22 million shares at $0.009 per share.
The placement is being managed by Prenzler Group, with participation by Iondrive’s two largest shareholders Strata Investment Holdings and Ilwella.
Write to Aaliyah Rogan at Mining.com.au
Images: Thunderbird Resources
