A litter of junior explorers are looking to fill their piggy banks
It feels like every ASX-listed junior explorer is out there cap-in-hand at the moment trying to raise much-needed dough to kick-start new drilling campaigns.
PNX Metals (ASX:PNX) hopes to be debt-free and cashed-up for exploration as it seeks to raise up to $2.5 million in a $1.9 million placement and $600,000 share purchase plan.
The money will be used to pay off $1.8 million debt and to fund an exploration program at its Hayes Creek silver project in the Northern Territory.
The funds will add to the $800,000 recently secured from the sale of silver from Hayes Creek.
Hammer Metals (ASX:HMX) is seeking to boost its kitty to the tune of $2.4 million to fund exploration on tenements in the Mount Isa mineral province and for working capital.
Funds will go towards copper-gold target generation and drill planning, with a focus on continuing drilling at the company’s Kalman West and Revenue projects.
Segue Resources (ASX:SEG) will accelerate drilling campaigns at its gold and lithium projects after raising $1.035 million.
The placement was heavily supported by new and existing shareholders. Proceeds will be used for drilling campaigns at its Barlee gold project and additional drilling at the Gascoyne lithium project.
Meantime, Botswana Metals (ASX:BML) says it will raise up to $1.7 million from a share purchase plan and placement.
A drilling program at its Dibete and Airstrip Copper-Silver project will receive the bulk of the funds while creditors will also be paid down.
Funds will also go towards searching for other mineral exploration opportunities and provide working capital.