Deals this week: FinnAust Mining, Paringa Resources, Broadway Gold Mining

15 December 2016 (Last Updated December 15th, 2016 18:30)

FinnAust Mining has completed the placement of approximately 76.42 million new ordinary shares and issue of 45 million existing shares.

FinnAust Mining has completed the placement of approximately 76.42 million new ordinary shares and issue of 45 million existing shares.

The company has raised gross proceeds of £8.5m ($10.76m) through the transaction, which is priced at 7p a share.

Proceeds will be used to evaluate ilmenite mining at Pituffik, Greenland, and to purchase FinnAust stock from Australian nickel producer, Western Areas.

Australia-based Paringa Resources Limited intends to issue 19 million shares to institutional investors in a private placement.

"The company has raised gross proceeds of £8.5m ($10.76m) through the transaction."

The issue will be priced at A$0.42 ($0.31) a share and will raise gross proceeds of A$8m ($5.95m), which will be used for completing its feasibility study for two coal seam operation at Poplar Grove and to begin the development of Poplar Grove project next year.

Broadway Gold Mining intends to issue up to six million warrants in a non-brokered private placement to raise funds required for working capital purposes and to finance a surface and underground drilling programme in 2017.

The warrants will be priced at C$0.35 ($0.26) each to raise gross proceeds of up to C$2.1m ($1.59m).

Canadian mineral exploration firm Niobay Metals has agreed for a non-brokered placement of up to 1,176,471 flow-through shares to raise funds to carry out exploration on its Canadian properties.

Priced at C$0.85 ($0.64) each, the shares will raise C$1m ($760,000) in gross proceeds.