Capital Watch: Avalon, Marathon, Hazelwood, Venture, D’aguilar Gold
Capital Watch: Avalon, Marathon, Hazelwood, Venture, D'Aguilar Gold
JUNIOR explorer Avalon Minerals is looking to boost its coffers by $A2 million to progress drilling and feasibility studies at its flagship Viscaria copper project in northern Sweden.
The raising will take place via a placement of 20 million shares at 10c per share and is subject to shareholder approval.
The company's objective is to become a copper producer within three years based on existing resources at Viscaria and plans to extend the known high-grade resources at the project through extensional drilling.
Avalon also aims to increase the current JORC-compliant resource base which comprises an inferred resource of 39.9 million tonnes at 1.3% copper.
Meanwhile Marathon Resources says its substantial shareholders Talbot Group and CITIC Australia have together agreed to underwrite up to $4 million of a previously announced rights issue.
The company announced a two-for-five pro rata rights issue to raise up to $7.77 million earlier this month.
The shareholders will underwrite up to $4 million of the rights issue for a fee equal to 3% of the total amount raised by the rights issue.
The proceeds from the rights issue will be used to fund Marathon's general working capital requirements and further exploration and development of its mining tenements.
This includes the next stage in the development of its Mt Gee uranium project in South Australia's Northern Flinders Ranges and the start of an environmental impact statement.
Hazelwood Resources has advised it has secured agreement to raise up to $1.875 million through the placement of up to 25 million shares at 7.5c
The placement will be to clients of Hartleys and sophisticated investors, and will be made in two tranches.
Hazelwood executive chairman Mark McAuliffe said the funds raised would go towards work on the Big Hill tungsten project to bring it towards estimating the size and grade of resource at the project.
'The raising of the funds will enable the completion of this objective by December 2008 and secures the financial base of the company going forward,' he said.
Mineral explorer Venture Minerals has secured $1 million in funding for its Mount Lindsay magnetite-tin project in northwest Tasmania through a placement of 10 million shares.
The funding will go towards a magnetite resource upgrade at Mount Lindsay as well as funding the company's first tin resource estimate, both scheduled to be completed in the December quarter.
The placement will be undertaken in two tranches with 7.5 million shares to be issued immediately and a further 2.5 million shares to be issued in December.
D'Aguilar Gold has entered agreements to raise $579,500 via the placement of 11.59 million shares at 5c each. It is expected that these funds will be received and the shares issued by November 14.
The funds will go towards working capital to progress the company's existing exploration projects and the identification and exploration of new projects.
