Deals this week: Reedy Lagoon, Kula Gold, Pinecrest Resources

23 March 2017 (Last Updated March 23rd, 2017 18:30)

Australia-based mineral exploration company Reedy Lagoon is intending to raise A$2.1m ($1.62m) through issuing ordinary shares.

Australia-based mineral exploration company Reedy Lagoon is intending to raise A$2.1m ($1.62m) through issuing ordinary shares.

The company will issue 70 million shares at a price of A$0.03 ($0.023) in a four for nine non-renounceable pro-rata entitlement offer of shares. The shares issuing will close by 13 April.

Kula Gold plans to raise A$0.62m ($0.48m) in a renounceable rights offering.

The company’s shareholders will get one share for every eight shares from the record date of 29 March. Each share will be issued at a price of $0.015, which represents 32.4% discount to the 30-day volume weighted average price of the stock.

The offering will be guaranteed by CPS Capital Group and M Stowell.

Canadian exploration and mine development company Pinecrest Resources plans to issue 7.15 million common shares through a non-brokered private placement. Priced at C$0.21 (0.16) a share, the issue will raise C$1.5m ($1.12m) for the company.

"Shares will have a holding period of four months and a day following the date of issue."

Shares will have a holding period of four months and a day following the date of issue.

Canadian company Diamante Minerals has announced a public offering of approximately ten million shares priced at $0.163 a share. The company intends to raise $1.63m through the offering, subject to market conditions.

Bushveld Minerals has signed a five-year definitive sales and marketing agreement with Wogen Resources. This makes Wogen the exclusive marketer and distributor of Vametco Alloys’ Nitrovan (nitride vanadium) except in Japan and Taiwan.

The agreement will help in arranging finance for Bushveld Vametco’s conditional acquisition of 78.8% interest in Strategic Minerals (SMC) from Evraz Group.

Under the deal, Wogen will pay $3m as pre-payment for Nitrovan, in addition to inventory and receivable financing of $6m.