Deals this week: Golden Rim Resources, Starcore, Mustang Minerals

23 February 2018 (Last Updated February 23rd, 2018 09:47)

Golden Rim Resources has agreed to issue 38 million shares priced at A$0.04 ($0.03) a share in the second tranche of the private placement to raise A$1.55m ($1.22m). 

Golden Rim Resources has agreed to issue 38 million shares priced at A$0.04 ($0.03) a share in the second tranche of the private placement to raise A$1.55m ($1.22m).

The first tranche of the private placement announced concurrently by the company is aimed at raising A$1.94m ($1.53m) by issuing 48 million shares priced at A$0.04 ($0.03) a unit.

The Australian gold exploration company has engaged Hartleys Limited as the lead manager for the placement.

Starcore International Mines has agreed to raise C$0.12m ($0.09m) through a non-brokered private placement of 500,000 units priced at C$0.25 ($0.19) each.

Company director Salvador Garcia has subscribed to the placement.

Each unit comprises one common share and one-half of one transferable common share purchase warrant, which entitles the holder to purchase a common share of Starcore for C$0.30 ($0.23) within four years from the issue date.

Based in Canada, Starcore International Mines is engaged in the exploration of gold, silver, molybdenum and copper deposits.

Mustang Minerals has purchased a 100% stake in the mineral rights located next to its Mayville claims in south-eastern Manitoba, Canada, from Tantalum Mining Corporation (Tanco) in exchange for a 2% net smelter royalty.

Part of the Makwa Mayville Nickel-Copper-Cobalt-PGM property, the mineral rights contain lithium and rare metal bearing pegmatites.

Tanco will purchase products produced from the property in line with an agreement made earlier with Mustang Minerals, as part of the acquisition.

Mustang Minerals is engaged in the exploration of nickel, copper, and platinum, while Tanco is focused on the exploration of tantalum, cesium, and lithium.

“The property comprises 25 claim units spread over 400ha.”

Both companies are based in Canada.

Canadian Orebodies has acquired Goodchild Lake mining property from Century Mining for C$0.04m ($0.032m).

Located within Canadian Orebodies’ 100% owned Black Raven project, the property comprises 25 claim units spread over 400ha.

Canadian Orebodies has also entered an agreement to terminate certain rights held by Teck Resources in the property in exchange for a one-half of 1% net smelter returns royalty.

Based in Canada, Canadian Orebodies is engaged in mineral exploration, while Century Mining is a US-based company engaged in the exploration of mineral properties.

Millennial Lithium plans to raise C$21m ($16.72m) by issuing six million units priced at C$3.50 ($2.78) a unit in a bought deal offering.

Each unit will comprise one common share and one half of one common share purchase warrant, which entitles the holder to purchase one common share within 24 months from the closure at a price of C$4.25 ($3.38).

The underwriters will be granted an option to purchase additional units at the offer price within 30 days from offer closure.

Based in Canada, Millennial Lithium is focused on the acquisition and development of lithium mineral properties.

The company has engaged Canaccord Genuity and Cantor Fitzgerald Canada as joint bookrunners, and Cormark Securities and Sprott Capital Partners as underwriters for the transaction.