Deals this week: Austpac Resources, Pistol Bay Mining, Kapuskasing Gold

12 January 2018 (Last Updated January 11th, 2018 18:42)

Austpac Resources has raised A$300,000 ($230,000) through the private placement of 30 million ordinary shares priced at A$0.01 ($0.007) a share.

Austpac Resources has raised A$300,000 ($230,000) through the private placement of 30 million ordinary shares priced at A$0.01 ($0.007) a share. The shares offered under the placement were subscribed to by professional investors.

Based in Australia, Austpac Resources is engaged in the development of mineral processing technology.

Canadian junior mining exploration company Pistol Bay Mining has reached an agreement with an arm’s length vendor to acquire 100% interest in the Mitchell, Gerry Lake and Karas Lake properties for C$139,000 ($110,000).

The properties comprise 33 mining claims and are spread over 3,700ha in the Karas Lake Area within the Red Lake Mining Division in Ontario, Canada.

Pistol Bay will issue 500,000 shares and pay C$104,000 ($820,000) over a four-year period, under the agreement. It has also agreed to pay a 1.5% net smelter royalty (NSR) to the vendor, with 0.75% can be purchased at any time for C$400,000 ($320,000).

Canadian gold exploration company Kapuskasing Gold has acquired 100% interest in three claim blocks consisting of 65 units and covering 1,625ha area in Newfoundland, Canada.

Jubilee Metals Group has raised £4.5m ($6.1m) through a share placement of 125 million new shares priced at £0.036 ($0.048) a share from Miton Group, RiverFort Global Capital, and other institutional investors.

“Mustang has secured a $15.68m funding facility in seven separate tranches from Arena Investors.”

Jubilee Metals Group is engaged in platinum exploration, while Miton Group is an asset management firm and RiverFort Global is a funding solutions provider.

All companies involved in the transaction are based in the UK.

Mustang Resources plans to raise A$4m ($3.14m) in a non-renounceable rights offering of 153.58 million shares priced at A$0.028 ($0.02) a share. The company proposes to issue one new share for every five shares under the offering.

Based in Australia, Mustang Resources is engaged in the exploration and development of gemstones.

In addition to the offering, Mustang has secured a A$19.95m ($15.68m) funding facility in seven separate tranches from Arena Investors, an investment firm based in the US.

Australian uranium exploration and development company DevEx Resources (formerly Uranium Equities) plans to issue 355,251,096 shares priced at A$0.008 ($0.006) a share in a non-renounceable pro-rata rights offering to raise A$2.84m ($2.23m).

The company proposes to issue one new share for every two existing shares held by the shareholders, under the offering.