Several mining companies announced capital raising initiatives yesterday, seeking funds for exploration and project development. Asara Resources (ASX:AS1) is leading the way, securing firm commitments for $25 million through a two-tranche placement of 500 million shares at $0.05 each. Asara Resources is focused on discovering and developing gold projects. Proceeds will fund exploration and drilling at the Kada Gold Project.
Australian Strategic Materials (ASX:ASM) has also gained commitments to raise $13 million from institutional investors and director participation. The company will issue 23.02 million shares at $0.56 per share. Australian Strategic Materials is involved in producing specialty metals and high-purity oxides. The funds will expedite its new metals facility in the US and support the Korean Metals Plant, alongside developing Rare Earths Options Assessment of the Dubbo Project.
Norfolk Metals (ASX:NFL) has secured $3.5 million in commitments to facilitate its acquisition of Transcendentia Mining. This will be achieved through a two-tranche placement of 28 million shares at $0.12 per share. The acquisition provides Norfolk Metals with an option over the Carmen Copper Project in Chile, involving $3 million in exploration expenditure over three years. Funds will kickstart a maiden drilling program, environmental studies, and metallurgical test work at the project.
Miramar Resources (ASX:M2R) aims to raise approximately $1 million via a share purchase plan to expedite drilling at the 8-Mile prospect within the Gidji JV Project in Western Australia. Up to 299.05 million shares are on offer, with eligible shareholders able to purchase up to $30,000 in shares. The 8-Mile target is located in the southern end of the Gidji Project, of which Miramar holds an 80% interest.
