Cash in the kitty as mining companies go to the market with caps out
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This week saw several ASX-listed junior explorers go cap in hand to the market to raise much-needed cash for exploration work on their projects.
Copper and cobalt-focused Aeon Metals (ASX:AML) is raising $5.5 million with the placement of 39.2 million shares at 14c to sophisticated and institutional investors.
Bell Potter Securities was manager of the issue.
Funds raised will go towards further drilling at its Walford Creek project in Queensland during 2017 and progression of the Bankable Feasibility Study on the Vardy resource.
In May, Aeon began drilling at Walford Creek with the initial focus of the 2017 program of extension drilling to the east/northeast to identify additional Resources to supplement the already announced Vardy resource.
As at the end of July, the company had drilled 21 diamond drill holes and 17 RC holes have been drilled for 4283m at the project.
The 2017 drill campaign has been successful for Aeon with high-grade intercepts including 26m at 1.02 per cent copper, 0.26 per cent cobalt and 38 grams per tonne silver from 26m Including 14m at 1.42 per cent copper, 0.31 per cent cobalt, 0.88 per cent zinc and 37 grams per tonne silver from 35m.
Uranium-focused explorer Boss Resources (ASX: BOE) has boosted its bank balance by $3 million following placement of 60 million new shares at 5c per share to new and existing sophisticated investors.
Longreach Capital was manager of the issue.
The funds will go towards further exploration work at its Honeymoon uranium project in South Australia and payment of a promissory note due this year to the vendor of the project.
Meanwhile, Centaurus Metals (ASX:CTM) raised $2.5 million to advance gold and copper exploration in northern Brazil aft4r completing a 5-for-9 rights issue.
The company will use the funds for its drilling program on the Serra Misteriosa gold project and to begin maiden exploration program at the recently secured Salobo West copper-gold project.
First results from the maiden 3500m diamond drill program at Serra Misteriosa identified gold mineralisation and indicated the presence of a large mineralised system.
Centaurus said drilling was ongoing with more results expected during the month.
Shares in Aeon were trading 1c lower at 17.5c, Boss was unchanged at 4.9c while Centaurus was down 0.1c to 0.3c at 3pm Friday AEST.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.