Deals this week: Explor Resources, Wanguo International Mining Group, Petropavlovsk

10 November 2017 (Last Updated November 10th, 2017 11:31)

UK-based gold explorer and developer Petropavlovsk plans to raise $500m by issuing senior notes, due 2022 in a public offering.

UK-based gold explorer and developer Petropavlovsk plans to raise $500m by issuing senior notes, due 2022 in a public offering.

Carrying an interest rate of 8.125% a year, the notes will mature on or before 14 November 2022.

Petropavlovsk, Pokrovskiy Rudnik, Albynskiy Rudnik, and Malomirskiy Rudnik are acting as guarantors for the notes.

The company has engaged Citigroup Global Markets, JP Morgan Securities, SIB (Cyprus) and VTB Capital as joint lead managers for the transaction.

Explor Resources has raised C$1.12m ($760,000) in the first tranche of non-brokered private placement.

The placement included the issue of 16 million flow-through units priced at $0.07 a unit. Each unit consists of one flow-through common share, and one-half common share purchase warrant, which entitles the holder to purchase an additional common share of the company at a price of C$0.12 ($0.08).

Based in Canada, Explor Resources is engaged in the exploration of gold and base metals.

Wanguo International Mining Group has agreed to raise HK$223m ($28.58m) through an issue of 120 million shares priced at HK$1.86 ($0.23) a share.

“Wanguo will issue 66 million shares in the first round, with the remaining 54 million units in the second subscription round.”

The shares will be subscribed to by Prime Shine, a UK-based provider of windows cleaning services.

Wanguo will issue 66 million shares in the first round, with the remaining 54 million units in the second subscription round. The offering is guaranteed by Gao Mingqing.

Based in China, Wanguo is an investment holding company engaged in mining, ore processing, and sale of copper, iron, zinc, gold, and sulphur concentrates. Prime Shine is an indirect subsidiary of Chengtun Mining Group.

Canada-based gold explorer Northern Empire Resources has agreed to raise approximately C$13.043m ($10.22m) in gross proceeds through an issue of 14,492,754 common shares in a private placement. Each share to be issued is priced at C$0.90 ($0.70).

The company has also granted the underwriters the option to purchase up to 2,173,913 additional shares to increase the gross proceeds to C$15m ($11.75m). The option can be exercised within 30 days from the offer closure.

Northern Empire concurrently plans to issue 11.2 million common shares priced at C$0.90 ($0.70) each to raise gross proceeds of C$10.08m ($8.46m).

The company has engaged Cormark Securities, GMP Securities, Canaccord Genuity, Haywood Securities, and M Partners as underwriters for the transaction.