Troy Resources has successfully raised A$27.9m ($21.16m) through a private placement of approximately 77.5 million shares each priced at A$0.36 ($0.25) to fund its exploration activities, strengthen its balance sheet and working capital.

The joint lead manager and bookrunner to Troy Resources for the offering were Macquarie Capital (Australia) and Euroz Securities.

Mason Graphite has announced a bought-deal private placement offering of 22.75 million common shares priced at C$1.10 ($0.84) each, to raise C$25m ($19.30m). 

Underwriter for the offering National Bank Financial has been granted an option to purchase up to 3,412,500 additional shares at C$1.10 each, which if exercised would increase gross proceeds from the offering to C$28.77m ($22.21m).

"If exercised, it would increase gross proceeds from the offering to $22.21m."

Proceeds from the offering will be used to develop the Lac Gueret graphite mine and Baie-Comeau concentrator plant project, for the payment of amounts owing to Quinto Mining Corporation, for an additional equity investment in Group NanoXplore, and for general corporate purposes.

Largo Resources has completed the first tranche of non-brokered private placement of 7,465,555 units.

Priced at C$0.45 ($0.34) a unit, the placement raised gross proceeds of C$3.35m ($2.59m), which will be used to advance the company’s Maracas Menchen mine, in addition to general corporate and working capital purposes.

Arias Resource Capital Fund (ARC Funds) has subscribed for 5.8 million units, while Mark Smith, president of Largo, has subscribed for 555,555 units.

Sunvest Minerals, formerly Strike Diamond Corp, has been granted an option to acquire 100% stake in the McKinnon-Hawkins Gold project in Ontario, Canada, by Pavey Ark Minerals.

Under the agreement, Sunvest will offer Pavey Ark Minerals C$1m ($775,476) in cash, issue C$$1m worth of shares, incur expenditure of C$2m ($1.5m) over a four-year period, and grant 0.5% to 2% of net smelter royalty (NSR) on a number of claims.

The targeted property comprises three claim blocks with 364 units, covering an area of approximately 5,824ha, and is estimated to hold inferred resources of 4.957Mt grading 1.50g/t Au and contain 239,100oz of gold.