Unico Silver (ASX:USL) is conducting a placement to raise $22.5 million to accelerate drilling and resource growth activities at the Cerro Leon and Joaquin projects in South America.
Under the single tranche placement, 83.33 million shares will be issued at $0.27 per new share.
Canaccord Genuity, Taylor Collison, and SCP Resource Finance will act as joint lead managers and bookrunners to the placement.
Unico Silver, which has a market capitalisation of $109.46 million, says the funds will apply towards accelerating exploration and resource growth through an extensive drilling program of up to 50,000m at Cerro Leon and Joaquin.
A combination of reverse circulation and diamond drilling will be carried out.
Funds will also be used to update the project’s resource estimates late next year and general working capital purposes.
The new shares are expected to be settled on or around 12 November 2024.
Neometals (ASX:NMT) raised $4 million via a recently completed placement and non-renounceable pro-rata entitlement offer.
The offer, which closed on 30 October 2024, comprised the issue of 12.64 million shares at $0.09 each.
Eligible shareholders were also offered the opportunity to apply for additional new shares in excess of their entitlement at an offer price under the top up facility. Together with the top up facility, valid applications from eligible shareholders in respect of the entitlement offer were $3.1 million.
Neometals, which has a market capitalisation of $66.12 million, says the funds will be used towards lithium-ion battery recycling development, lithium and vanadium technology research and development, and the Barrambie gold and titanium project.
Blackstone Minerals (ASX:BSX) also completed the institutional component of its partially underwritten non-renounceable pro-rata entitlement offer, raising $550,000.
A major shareholder, Nanjia Capital contributed these funds to the entitlement offer, in conjunction with an agreement with Nanjia’s entities to underwrite the retail component up to $1.1 million.
The funds will support the Wabowden Project opportunity, an ongoing Definitive Feasibility Study for Blackstone’s Ta Khoa Refinery and progress the company’s strategic partnership process.
Under the institutional entitlement offer, which closed on 5 November, eligible shareholders could subscribe for one new share for every four existing shares held at $0.03 per share.
Meanwhile, Zenith Minerals (ASX:ZNC) has also completed a share purchase plan (SPP), which raised $920,000.
Under the SPP, 20.42 million new shares will be used and are expected to begin trading on 7 November 2024.
The funds raised from the $1.4 million placement, combined with the SPP, will be directed towards advancing its existing assets, enabling further development and value creation.
Write to Aaliyah Rogan at Mining.com.au
Images: Unico & Neometals
