Deals this week: Arizona Mining, Latin Resources, Ortac, Camino Minerals

4 May 2017 (Last Updated May 4th, 2017 18:30)

Canadian exploration firm Arizona Mining has entered an agreement with South32 Limited to raise C$110.3m ($80.74m) in gross proceeds through a private placement of 45 million common shares.

Canadian exploration firm Arizona Mining has entered an agreement with South32 Limited to raise C$110.3m ($80.74m) in gross proceeds through a private placement of 45 million common shares. 

South32 will purchase shares at a price of C$2.45 ($1.79) each, equivalent to 15% of the Arizona Mining’s outstanding shares as part of the agreement.

Australia-based Latin Resources Limited has announced its plans to raise A$3m ($2.26m) through a non-renounceable rights issue, in addition to its plans to issue shares and raise A$1.065m.

Latin Resources engaged PAC Partners and Merchant Corporate Advisory as underwriters for the transaction.

UK firm Ortac Resources has announced that it has raised  £2m ($2.58m) through a private placement of 66,666,667 new ordinary shares priced at £0.03 ($0.038) a share.

Under the offer, Anthony Balme, Vassilios Carellas, and Nick von Schirnding acquired one million, 166,667, and 333,333 shares respectively representing 6.44%, 0.63%, and 0.4% stakes respectively in Ortac.

SP Angel Corporate Finance and Peterhouse Corporate Finance were financial advisors for the transaction.

Ortac Resources is a mineral exploration and development company specialising in the development of natural resource projects.

"First Cobalt will pay an aggregate of $1.58m, including C$0.6m in cash and 4.53 million shares."

Camino Minerals has announced plans to raise C$2.5m ($1.83m) in a non-brokered private placement through issuing 2.632 million units priced at C$0.95 ($0.7) each.

Each unit is made up of one common share of Camino Minerals and one non-transferable share purchase warrant, which entitles the holder to purchase an additional common share at a price of C$1.35 ($0.99).

Macarthur Minerals Limited has announced the formation of a 50:50 joint venture (JV) with Southern Hemisphere Mining for acquiring Marble Bar Lithium project and Pippingarra Lithium Tantalite project in Pilbara, Western Australia.

Both companies involved in the transaction are based in Australia, dealing in exploration and development.  

Canadian gold exploration company First Cobalt Corp (FCC) has announced the signing of a letter of intent with JayBird Invest, an associate of Madini Minerals, to acquire a 70% stake in seven prospective copper-cobalt exploration properties in the Democratic Republic of the Congo.

Under the agreement, First Cobalt will pay an aggregate of $1.58m, including C$0.6m ($0.43m) in cash and 4.53 million shares. The properties concerned cover an area of 190km².