United States Steel Corporation has proposed to raise $500m in private placement of senior secured notes, due in 2021, in an attempt to repay its outstanding debts.
Reservoir Minerals and Freeport-McMoRan Exploration Corporation have completed a $135m share acquisition deal. Reservoir Minerals has acquired a 55% stake held by Freeport-McMoRan in the Timok ProjectUpper Zone of the Cukaru Peki copper-gold deposit in Serbia.
Reservoir Minerals has gained the operatorship of the Timok Project, as a result of the deal.
Globex Mining Enterprises has completed the acquisition of the Chubb, Bouvier and McNeely lithium projects from a vendor. The three spodumene-hosting properties are located within the LaCorne and Figuery Townships in Quebec, Canada.
The properties were acquired in offer of the renewal of certain claims and a 1% net smelter royalty (NSR) to the vendor, which can be purchased back by Globex by offering C$200,000 ($150,000).
Athabasca Nuclear Corporation and North Arrow Minerals have signed a binding letter of intent (LoI). Under it, Athabasca Nuclear Corporation will wholly acquire the Torp Lake and Phoenix claims from the North Arrow Minerals.
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The two mining claims incorporate the McAvoy, Big Bird and Curlew lithium pegmatite bodies.
As part of the deal, the former will also issue 2.5m common shares to the latter, priced at C$0.08 ($0.06) per share, in addition to one million common share warrants, priced at C$0.2 ($0.15) per common share. The warrants will be valid for a period of two years.
Continental Gold has entered a bought deal agreement with underwriters led by TD Securities and Clarus Securities. Under it, the underwriters will purchase ten million units of the company at a price of C$2.5 ($1.99) per unit, representing a total consideration of C$25m ($19.93m).
The offering is expected to close in the last week of May 2016.
Image: Globex acquired three spodumene-hosting properties from a vendor in the first week of May. Photo: courtesy of Andrew Silver.