Throughout the week, many ASX-listed mining companies were raising capital to fund a range of activities, including Unico Silver (ASX:USL) which is aiming to raise $8 million.
On 22 August, Unico Silver received firm commitments from investors to conduct a placement to fund the next phase of exploration and resource growth.
Under the placement, in which Taylor Collison and SCP Resource Finance LP will act as joint lead managers, 47.05 million shares will be issued at $0.17 per new share.
Unico Silver, which has a market capitalisation of $56.24 million, adds that Whistler Wealth Management will act as co-manager to the placement.
Proceeds will be used to close the Joaquin transaction, exploration target and work program priorities for Joaquin, and drilling programs. The proceeds will also support funding to begin drilling at the Cerro Leon property in the fourth quarter of this year.
Industrial mineral-focused explorer Andromeda Metals (ASX:ADN) launched a placement and entitlement offer to raise up to $6.3 million.
On 21 August, the $34.21 million market capitalisation company announced 283 million shares will be issued at $0.012 per new share, under the placement, to raise $3.4 million.
Meanwhile, a one for 13 pro-rata non-renounceable entitlement offer will also be carried out, under the same issue price as the placement.
Henslow and PAC Securities acted as joint lead managers to the placement, while 180 Markets acted as co-manager.
Andromeda Metals says the proceeds will be used to progress its Great White Project, including advanced plant design and engineering, product and market development, as well as technical, financial, and legal activities to support the funding process for project development.
West-African explorer Arrow Minerals (ASX:AMD) is conducting a $5 million placement to progress its Niagara Bauxite and Simandou North Iron projects.
Under the two-tranche placement, 2.28 billion shares at $0.0022 per share. The company will also issue one free attaching unlisted option for every one share issued for, exercisable at $0.0032 on or before 28 February 2027.
The issue price represents a 22.2% discount to the 10-day volume weighted average price (VWAP) and a 26.7% discount to the last traded price on 19 August 2024.
Arrow Minerals’ board of directors have committed to subscribe for $300,000 through the placement, subject to obtaining shareholder approval at a general meeting targeted for early October 2024.
The proceeds will be going towards drilling, studies, and testwork at the Niagara and Simandou North projects, as well as general working capital.
Euroz Hartleys, Bell Potter Securities, and Canaccord Genuity acted as joint lead managers and bookrunners to the placement. Meanwhile, Morgans Financial acted as co-manager and Salient Corporate acted as corporate adviser.
On 22 August, Zinc of Ireland (ASX:ZMI) announced it is conducting a capital raising to raise up to $2.1 million.
Under the placement, 52.51 million shares will be issued to raise $361,000. Under the non-renounceable entitlement offer, one new share will be issued for every one share held to raise $1.8 million.
The issue price of $0.0068 per share represents a 25% discount to the 15-day VWAP.
The funds raised will be applied to explore the company’s flagship Rathdowney Trend Project, prospective for critical and base metals. Funds will also be used to pursue an acquisition of complimentary natural resource projects.
Prenzler Group has been engaged to be the lead manager for the placement.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico Silver, Andromeda Metals, Arrow Minerals, Zinc of Ireland
