Deals this week: Alt Resources, American Cobalt, Pacific Empire Minerals

20 April 2018 (Last Updated April 19th, 2018 12:53)

Alt Resources has completed the first tranche of a private placement of 31,424,323 fully paid ordinary shares to raise a sum of A$1.79m ($1.39m).

Alt Resources has completed the first tranche of a private placement of 31,424,323 fully paid ordinary shares to raise a sum of A$1.79m ($1.39m).

The transaction involved the placement of 31,424,323 shares priced at A$0.05 ($0.038) a share.

The company also plans for a second tranche of placement, which is set to involve the issuance of 16,575,677 shares at the same price, taking the total issue size to 48 million shares.

Alt Resources is expected to raise A$0.944m ($0.734m) in the second tranche.

Furthermore, the company has agreed to issue its subscribers an option to acquire one additional share for every three shares held.

A maximum aggregate total of 16 million options will be offered under the initiative.

The options can be exercised at a price of A$0.10 ($0.07) a share before 31 December 2019.

Australia-based Alt Resources is primarily engaged in mineral exploration, with focus on gold and base metals.

International Cobalt’s subsidiary American Cobalt has entered an agreement with Supreme Metals Corp to acquire an 80% interest in the FM Projects, which include the Foster Marshall and Mount Thom developments.

"Galena Mining has raised approximately A$9m ($6.99m) as part of a private placement of 58 million new shares priced at A$0.15 ($0.11) a share."

American Cobalt will make an optional initial payment of A$0.087m ($0.06m) to earn 60% interest in any of the FM Projects as part of the initiative.

The company will also have the right to earn a further 20% interest by completing a preliminary economic assessment (PEA) within a stipulated timeframe.

Canada-based International Cobalt specialises in mineral exploration with a particular focus on cobalt properties, while Supreme Metals, also based in Canada, is engaged in mineral exploration.

Pacific Empire Minerals has reached an agreement for a non-brokered private placement of up to one million units, with each unit comprising one common share and one transferable common share purchase warrant.

The placement will be priced at C$0.20 ($0.15) a unit and is expected to help raise C$0.2m ($0.15m) in gross proceeds.

The warrant will entitle the holder to purchase an additional common share at a price of C$0.30 ($0.23) a share within three years of the placement’s closure date.

Canada-based Pacific Empire Minerals is engaged in the exploration of copper-gold porphyry properties.

Stina Resources has completed the third tranche of a non-brokered private placement of units priced at C$0.30 ($0.23) a unit.

Each unit comprises one common share in Stina and one-half of one common share purchase warrant, and will entitle the holder to purchase an additional common share for C$0.60 ($0.47) within three years of the offer closure date.

The placement involved a total of 5,673,006 units and is intended to raise C$11.7m ($9.29m) in gross proceeds.

Stina Resources is a Canadian company that is primarily engaged in vanadium production.

Garibaldi Resources has reached an agreement for a non-brokered private placement of shares to raise a sum of C$10.05m ($7.98m) in gross proceeds.

The placement will include a total of three million shares priced at C$3.35 ($2.66) a share.

Garibaldi is a junior exploration company based in Canada.

Galena Mining has raised approximately A$9m ($6.99m) as part of a private placement of 58 million new shares priced at A$0.15 ($0.11) a share.

Hartleys Limited served as the sole lead broker for the initiative.

Australia-based Galena Mining is engaged in the exploration and production of gold, silver, copper, lead and other metals.