Market watchers of the Australian Securities Exchange (ASX) observed significant movement within mining and resources companies raising capital yesterday (15 September), including West Wits Mining (ASX:WWI) closing a $17.5 million placement.
The company said in a statement it issued 437.5 million shares at $0.04, representing a 14.8% discount to the last closing price of $0.047 on 10 September.
Canaccord Genuity acted as the lead manager and bookrunner to this placement, with Evolution Capital acting as co-manager.
Shares are expected to settle on 18 September.
West Wits intends to use proceeds raised to fund development at the Qala Shallows prospect within the Witwatersrand Basin Project in South Africa.
The company is actively pushing Qala Shallows towards becoming a gold producer after a July Definitive Feasibility Study declared an ore reserve of 4.6 million tonnes @ 2.6 grams per tonne for 383,934 ounces of gold.
The study also identified a mine life of 17 years for 944,000 ounces of gold.
West Wits Mining is an explorer and producer focused on uncovering precious and base metals from its portfolio of assets in South Africa and Western Australia.
Belararox (ASX:BRX) has returned firm commitments to raise around $8.5 million in a two tranche placement, funding exploration across its Argentina and Botswana projects.
The company will issue 94.44 million shares at $0.09 per share, representing a 15% discount to the last closing price of $0.105 on 10 September and 17% discount to the 14-day volume weighted average price (VWAP).
Pamplona Capital acted as the lead manager to this placement, with tranche one expected to settle on 18 September.
Shareholders will meet to discuss the allotment of tranche two shares and options at an upcoming general meeting.
Every two shares held accompany one free attaching option, exercisable at $0.15 within a three year period from issue.
Belararox will use funds from the placement to progress drilling in the Kalahari Copper Belt, spanning for 10 drillholes, before geophysics studies commence at Toro South and Tambo South next month to define a December drilling program.
Belararox is a mineral explorer focused on developing its portfolio of assets to bolster the technology, battery, and renewable energy markets.
TMK Energy (ASX:TMK) is raising $3.5 million to support the next stage of the Gurvantes XXXV Coal Seam Gas Project with binding commitments leading to an oversubscribed placement.
The company will issue 1.75 billion shares at $0.002 per share, representing a 20% discount to the five-day VWAP.
Bridge Street Capital and Prenzler Group acted as joint lead managers for this placement, which is expected for shares to be issued on or around 19 September.
Board members have also agreed to participate in this offering, subscribing for an aggregate $150,000, equalling 75 million shares, subject to shareholder approval at an upcoming general meeting late next month.
TMK Energy is a mineral explorer focused on offering a sustainable supply of gas and power to Mongolia from its portfolio of projects.
Finally, Centaurus Metals (ASX:CTM) has raised $3.1 million through a share purchase plan to fund development at the wholly owned Jaguar Project in northern Brazil and exploration at the Boi Novo Project.
The company offered shares at $0.36, with eligible shareholders able to subscribe for up to $30,000 worth in shares, with one free attaching option available per every two shares subscribed under this purchase plan.
This follows the company’s recent placement which raised $20 million under the same pricing terms.
The plan received applications for 8.55 million worth in shares, closing on 5 September.
Proceeds raised will be used to expedite activities at the Jaguar Project, steering it towards a final investment decision next year by completing the final pre-development, permitting, and funding stages.
Centaurus Metals is a mineral explorer focused on the development of its Jaguar Nickel Sulphide Project in the Carajás Mineral Province in Brazil.
Write to Maddison Elliott at Mining.com.au
Images: West Wits Mining, Belararox, & Centaurus Metals
