IN Capital Watch today: Antipa to hold three-part raising; ActivEx offer can move ahead; successful placement for Promesa; TNG receives interest in placement; Aura looks for working capital; and Riedel brings in funds.
Antipa Minerals is looking for to raise roughly $A3 million through a three-part capital raising in order to fund exploration at the company’s Citadel project.
The first is a fully subscribed placement to sophisticated and professional investors to raise roughly $1.52 million through the issue of 23.4 million shares at 6.5c each with a 1-for-3 attaching option to be exercised at 8c.
The raising also comprises a share purchase plan for existing shareholders to raise $1.2 million through the placement of 18.46 million shares at 6.5c each with a 1-for-3 attaching option as well as a subscription to certain directors to raise an additional $275,000.
The previously announced $1.76 million entitlement offer by ActivEx will go ahead after it reached an agreement with major shareholder and bidder for the company ASF Gold & Copper.
Under the agreement, ASF will subscribe for its full entitlement and it will not interfere with the raising because there will be no shortfall facility and shares not taken up pro-rate by shareholders will not be issued by the company.
ActivEx said it still believed the 3-for-5 non-renounceable entitlement offer would help secure a stronger financial position for the company, even without the shortfall facility.
Promesa has raised $1.47 million through the issue of 42 million new ordinary shares to institutional, sophisticated and professional investors at a price of 3.5c per share.
Proceeds from the placement will be used mainly to fund exploration and development activities in Peru at the company’s Alumbre/Magdalena and Quinual prospects.
Meanwhile, TNG has received firm commitments in relation to a placement of approximately 14.3 million shares at an issue price of 7c to raise $1 million before costs.
Settlement of the placement is expected to occur on May 14, with funds directed to ongoing exploration activities at the Mount Hardy copper project.
In the hunt for additional working capital, Aura Energy has received commitments to place approximately 10 million shares at 8c each to raise around $800,000.
The placement has been made primarily to institutional and sophisticated investor clients of Shaw Stockbroking, though the directors will also offer existing eligible shareholders the chance to participate in a share purchase plan, to a maximum of $15,000, at 8c per share.
Finally, Riedel Resources has raised approximately $490,000 through a share placement and convertible note facility.
The company brought in $100,000 by placing 1.71 million ordinary shares at 6c per share with a free attaching unlisted option exercisable at 10c on or before April 30 2015.
The facility will raise $390,000 before costs and has a maturity date of June 30 2014 and an interest rate of 8% payable quarterly in cash or tradeable ordinary fully paid shares.
Proceeds from the raising will be put towards exploration expenses and working capital.
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