ASX Capital Raise Review is a weekly look at ASX capital raisings.

“I’m a bit nervous.”

These words sum up the current feedback we are hearing at 180 Markets. Investors are weighing up their various emotions with the wobbliness of the share market.

As an example, in the formerly hot Buy Now Pay Later sector, we saw cautious investor appetite for this week’s Earlypay Limited (ASX: EPY) capital raise as well as the upcoming IPO of Grow Financial.

The formerly high-flying rare earth sector also showed frugal demand with the $40mn share placement of Arafura Resources (ASX: ARU).

To be clear, the mood is one more of caution rather than pure fear. Investors are still willing to support Capital Raisings; however, the transaction terms simply need to be more favourable.

On a longer-term positive front, industry structural fundamentals continue to be outstanding. An example is a leading story this week on Bloomberg, Bulking Up Battery Sector May Add Billions to Australian Economy discussing Australia’s pole position in the race to build large-scale batteries.

One company that tapped capital markets this week was battery maker Redflow (ASX: RFX) with their combined $22.71mn equity raise. Additionally, in our meetings with various companies, there is an enormous amount of behind-the-scenes efforts taking place which will certainly require future funding.

Placements this week

Company Name ASX Code Market Cap Issue Price Price Midday Friday % Change from issue price to current price Stock halted? Sector Industry
LITTLE GREEN PHARMA LTD (XASX:LGP) LGP $146.074M $ 0.600 $ 0.835 39.17% Process Industries Agricultural Commodities/Milling
AUCTUS INVESTMENT GROUP LIMITED (XASX:AVC) AVC $67.884M $ 1.060 $ 1.100 3.77% Non-Energy Minerals Other Metals/Minerals
M8 SUSTAINABLE LIMITED (XASX:M8S) M8S $6.764M $ 0.020 $ 0.022 10.00% Industrial Services Environmental Services
REDFLOW LIMITED (XASX:RFX) RFX $76.842M $ 0.057 $ 0.063 10.53% Producer Manufacturing Electrical Products
EARLYPAY LTD (XASX:EPY) EPY $111.815M $ 0.420 $ 0.450 7.14% Commercial Services Personnel Services
ARAFURA RESOURCES LIMITED (XASX:ARU) ARU $199.033M $ 0.120 $ 0.142 18.33% Non-Energy Minerals Other Metals/Minerals
JANISON EDUCATION GROUP LIMITED (XASX:JAN) JAN $187.484M $ 0.820 $ 0.865 5.49% Commercial Services Personnel Services
CATAPULT GROUP INTERNATIONAL LTD (XASX:CAT) CAT $419.545M $ 1.900 $ 2.000 5.26% Commercial Services Miscellaneous Commercial Services
RENERGEN Limited (XASX:RLT) RLT $220.912M $ 1.780 $ 1.875 5.34% Energy Minerals Integrated Oil
FAMILY ZONE CYBER SAFETY LIMITED (XASX:FZO) FZO $230.847M $ 0.535 $ 0.615 14.95% Technology Services Packaged Software
SEAFARMS GROUP LIMITED (XASX:SFG) SFG $208.347M $ 0.055 $ 0.062 12.73% Process Industries Agricultural Commodities/Milling
COSTA GROUP HOLDINGS LIMITED (XASX:CGC) CGC $1.363B $ 3.000 $ 3.400 13.33% Still in Halt Process Industries Agricultural Commodities/Milling
WARREGO ENERGY LIMITED (XASX:WGO) WGO $244.167M $ 0.220 $ 0.240 9.09% Still in Halt Industrial Services Contract Drilling
FIREFINCH LIMITED (XASX:FFX) FFX $353.287M $ 0.400 $ 0.450 12.50% Still in Halt Non-Energy Minerals Other Metals/Minerals
MINERAL COMMODITIES LTD (XASX:MRC) MRC $93.53M - $ 0.205 - Still in Halt Non-Energy Minerals Other Metals/Minerals
MATADOR MINING LIMITED (XASX:MZZ) MZZ $81.537M - $ 0.440 - Still in Halt Non-Energy Minerals Precious Metals
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Arafura Resource (ASX: ARU) is raising $40m at 12c per share in a two-tranche placement. The company is also offering existing shareholders the opportunity to invest at the same price of the placement through a Share Purchase Plan (SPP). Funds raised will be used to commence FEED activities at the company’s Nolans project and for general working capital purposes. Petra Capital acted as sole lead manager for the placement.

In what was a very popular deal on 180 Markets, we were very happy to help out Petra Capital with the raise.

Co-founder of 180 Markets, Shaun Factor said: “Our investors are clearly still loving the rare earth theme. The Nolans project has got an extremely attractive NPV and will be Australia’s first vertically integrated source of separated rare earth oxides has extremely attractive economics.

“As we already know, the Nolans project has strong support from the Australian government with federal ministers committing to growing Australia’s mineral sector.”

Redflow Limited (ASX: RFX) has raised $5m through a placement to US based New Technology Capital Group. The company is also offering existing shareholders the opportunity to participate through an entitlement offer.

The use of funds will be to underpin growth, supporting pursuit of business development opportunities, key projects, completion of Gen 3 battery development and general working capital requirements. All directors will be participating in the rights issue.

In what looks to be an exciting development the company will put a major focus on the US market. Redflow believes that the US energy storage market provides a substantial opportunity that warrants significant focus and investment.

Earlypay Limited (ASX: EPY) has raised $18.8m via an institutional placement through Henslow and Morgans Corporate. The price of 42c per share was a 12.5% discount to the last close prior to the trading halt of 48c.

Commitments received will be used to fund new trade finance product expansion.

Earlypay CEO Daniel Riley commented: “Earlypay has continued its strong momentum in CY’2021, with our new Trade Finance product garnering significant demand from new and existing clients. Importantly, we expect the capital raise and product expansion to be earnings accretive in FY22.

“The performance of the new Trade Finance product, combined with our record business lending volumes in established products, has provided strong validation for the Board to endorse a capital raising to support the new business pipeline while a proposed $50m warehouse facility to support the Trade Finance product is established. “

Catapult Group International Ltd (ASX: CAT) will raise $47m at $1.90 per share through an underwritten institutional placement.

Funds used will be used to accelerate growth and a further scaling of its core business.

The company plans on spending up to $25m in organic growth opportunities over two years. It also plans on spending $17m for expanding technology, product, data science investment.

The company will acquire 100% of the issued capital of leading sports software video solutions provider, SBG sports software limited. A $5m SPP will also be offered to current shareholders at the same price as the placement, $1.90 per share.

Family Zone Cyber Safety (ASX: FZO) has raised $23m to accelerate growth and acquire the Net Ref business. The placement was done to institutional, professional and sophisticated investors.

Net proceeds from the Placement will be used to fund the continued expansion of our team and acceleration of our organic growth opportunities, the acquisition, integration and expansion of Net Ref, potential strategic acquisitions and general working capital.

Tim Levy, Managing Director of Family Zone welcomed investment by Australian institutional investors.

“We’re delighted so many of Australia’s institutional investors are recognising our rapid progression and seek to support our journey to protect and support children in the digital world. This placement enhances our ability to grow and attract new corporate opportunities like the exciting Net Ref business.”

Another popular raise on 180 Markets this week has been Warrego Energy (ASX: WGO) which will raise $50m at a price of 22c per share. Petra Capital was the sole lead manager in the two-tranche institutional placement.

The majority of the funds will be used on its West Erregulla project and long lead items for gas processing. As well as this, the company will use the funds to assist in general working capital.

Since hitting post Covid lows of just 8c per share, it is pleasing to see how well the company’s share price has performed since then.

Thinking about taking the IPO leap?

We are in the middle of an extremely busy period for new listings. In just the next week, we anticipate 15 new companies hitting the bourse.

Company Name ASX Code Listing Date Issue Price
Camplify Holdings Limited CHL 28/6/21 $ 1.420
Butn Limited BTN 28/6/21 $ 0.500
Western Mines Group Ltd WMG 28/6/21 $ 0.200
Barton Gold Holdings Limited BGD 28/6/21 $ 0.250
Polymetals Resources Ltd POL 29/6/21 $ 0.200
Aerison Group Ltd AE1 29/6/21 $ 0.200
OZZ Resources Limited OZZ 30/6/21 $ 0.200
BlueBet Holdings Limited BBT 2/7/21 $ 1.140
Silk Logistics Holdings Limited SLH 2/7/21 $ 2.000
29Metals Limited 29M 2/7/21 $ 2.000
Lode Resources Ltd LDR 2/7/21 $ 0.200
Resource Base Limited RBX 2/7/21 $ 0.200
Clean TeQ Water Limited CNQ 2/7/21
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Endeavour Group (ASX: EDV) which de-merged from Woolworths, traded on the ASX for the first time as a stand-alone entity on Thursday. The shares traded strongly on the first day with a massive range of $5.77 and $6.60.

Endeavour Group, which owns Dan Murphy’s and BWS liquor chains, also owns 293 hotels with over 12,000 poker machines. It will be interesting to see if investors have concerns about ESG issues.

In what was a flattish debut, Codrus Minerals listed on the ASX just holding its 20c issue price. Since listing the company has had a very small range trading between 18c and 22c per share. Co-founder of 180 Markets, Shaun Factor said  “Our investors have an exciting week coming up. We have participated in 10 of the 15 new companies listing over the next week. Our investors are clearly excited by what these new companies have to offer. Fingers crossed that everyone makes money over this upcoming exciting period”.

Company Name ASX Code Listing Date Issue Price Current Price Change from issue price to current price
Codrus Minerals Limited CDR 23/6/21 $ 0.200 $ 0.230 15%
Tamboran Resources Limited TBN 23/6/21 $ 0.400 Listing postponed
Endeavour Group Limited EDV 24/6/21 $ 6.000 $ 6.390 6%
WAM Strategic Value Limited WAR 25/6/21 $ 1.250 Listing postponed
Australian Rare Earths Limited AR3 25/6/21 $ 0.300 Listing postponed
Torque Metals Limited TOR 25/6/21 $ 0.200 Listing postponed
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180 Markets’ recent performers

Company Name ASX Code Market Cap Issue Price Price Midday Friday % Change from issue price to current price
BRYAH RESOURCES LIMITED (XASX:BYH) BYH $12.403M $ 0.075 $ 0.064 -14.67%
VOLT RESOURCES LIMITED (XASX:VRC) VRC $83.311M $ 0.015 $ 0.035 133.33%
PEPINNINI MINERALS LIMITED (XASX:PNN) PNN $12.328M $ 0.230 $ 0.260 13.04%
MOUNT BURGESS MINING N.L. (XASX:MTB) MTB $6.073M $ 0.008 $ 0.008 0.00%
ALLIGATOR ENERGY LTD (XASX:AGE) AGE $87.619M $ 0.007 $ 0.038 442.86%
PNX METALS LIMITED (XASX:PNX) PNX $32.87M $ 0.006 $ 0.008 33.33%
REDSTONE RESOURCES LIMITED (XASX:RDS) RDS $10.066M $ 0.012 $ 0.013 8.33%
KORE POTASH PLC (XLON:KP2) KP2 $51.218M $ 0.020 $ 0.015 -25.00%
ECLIPSE METALS LIMITED (XASX:EPM) EPM $42.107M $ 0.015 $ 0.021 40.00%
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180 Markets was established by investors for investors, and has become Australia’s leading deal sharing platform, with a difference. In just 12 months, 180 Markets has established a 1800+ strong investor base that has enjoyed access over 650 placements on the ASX, including more than 30 placements where 180 Markets has been lead manager.

If you are interested in Placements, IPOs and RTOs sign up at

This article was developed by 180 Markets, a Stockhead advertiser at the time of publishing.

 This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.