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88 Energy raises A$5mln ahead of Charlie well programme

88 Energy Ltd (LON:88E) has raised A$5mln of new capital ahead of next months drill programme at the Charlie appraisal well.

The explorer, in a statement, said the capital injection would cover any potential costs above those carried by Premier Oil PLC (LON:PMO) via its farm-in to the Charlie project.

It will also pay for lease rental payments for the Alaskan acreage, interest on debt, and support new venture activity, 88 Energy added.

A total of 238mln new shares are being sold to investors at a price of 2.1 Australian cents, equating to 1.1p per share – versus a London market price of 1.23p.

READ: 88 Energy says Charlie is on track for February spud[hhmc]
“The decision by the board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program,” said Dave Wall, 88..

88 Energy Ltd (LON:88E) has raised A$5mln of new capital ahead of next months drill programme at the Charlie appraisal well.

The explorer, in a statement, said the capital injection would cover any potential costs above those carried by Premier Oil PLC (LON:PMO) via its farm-in to the Charlie project.

It will also pay for lease rental payments for the Alaskan acreage, interest on debt, and support new venture activity, 88 Energy added.

A total of 238mln new shares are being sold to investors at a price of 2.1 Australian cents, equating to 1.1p per share – versus a London market price of 1.23p.

READ: 88 Energy says Charlie is on track for February spud


"The decision by the board to raise additional funds at this time was for several reasons, namely: unsolicited demand for investment at a premium to the most recent placement in September 2019; and a subsequent incremental increase in the well cost due to high grading of the quality of the evaluation program,” said Dave Wall, 88 Energy managing director.

“We would like to thank our advisers and shareholders for their continued support as we enter into this critical phase.”

Premier is paying up a total of US$23mln to drill Charlie which is designed to be an appraisal of the Malguk-1 discovery made by BP in 1991.

Malguk-1 discovered 251 feet of light oil Read More – Source

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Red River Resources hits up to 32.3 g/t gold in Eleanora drilling at Hillgrove project in NSW

Red River Resources Ltd (ASX:RVR) has intersected broad intervals of gold-antimony mineralisation with results of up to 32.3 g/t gold and 6.9% antimony from maiden drilling targeting the Eleanora Lode at Hillgrove Gold Project in NSW.

The results have confirmed the presence of high-grade gold-antimony within the Eleanora vein system and adjacent halos of low to medium-grade gold mineralisation.

Drilling has now begun at the Currys Lode target as the company firms up gold targets at the project ahead of the planned resumption of gold production at Hillgrove by the end of 2020.

Some high-grade intersections of up to 32.3 g/t gold, including visible gold, demonstrates that there is a significant remnant resource which Red River will continue to pursue, given Eleanora is 200 metres from the Hillgrove processing plant and on a mining lease.

Strong results[hhmc]
Assays have been received for drill holes ELG139, ELG140, ELG141, ELG142, ELG143 and ELG144 with best results including:

7 me..

Red River Resources Ltd (ASX:RVR) has intersected broad intervals of gold-antimony mineralisation with results of up to 32.3 g/t gold and 6.9% antimony from maiden drilling targeting the Eleanora Lode at Hillgrove Gold Project in NSW.

The results have confirmed the presence of high-grade gold-antimony within the Eleanora vein system and adjacent halos of low to medium-grade gold mineralisation.

Drilling has now begun at the Currys Lode target as the company firms up gold targets at the project ahead of the planned resumption of gold production at Hillgrove by the end of 2020.

Some high-grade intersections of up to 32.3 g/t gold, including visible gold, demonstrates that there is a significant remnant resource which Red River will continue to pursue, given Eleanora is 200 metres from the Hillgrove processing plant and on a mining lease.

Strong results


Assays have been received for drill holes ELG139, ELG140, ELG141, ELG142, ELG143 and ELG144 with best results including:

  • 7 metres at 2.2 g/t gold and 0.3% antimony from 119 metres, including 2.4 metres at 5.2 g/t and 0.9% from 123.6 metres;
  • 7.5 metres at 4.1 g/t and 0.6% from 141 metres, including 1.75 metres at 15.6 g/t and 2.7% from 143.8 metres;
  • 0.45 metres at 32.3 g/t and 6.9% from 144.4 metres;
  • 8.4 metres at 2.9 g/t from 31.8 metres;
  • 8 metres at 2.7 g/t from 45 metres, including 5 metres at 3.8 g/t from 48 metres; and
  • 12.8 metres at 1.5 g/t from 60 metres, including 3.6 metres at 2.8 g/t from 65 metres.

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Netlinkz secures commitments to raise $11.3 million via the issue of convertible notes

Netlinkz Ltd (ASX:NET) has received firm commitments from investors to raise $4,995,000 by the issuance of 6,166,664 convertible notes, with cash proceeds to be used to repay current loan facilities with Lind and CST which will extinguish those facilities.

In addition, Netlinkz has agreed to issue a further 7,793,980 convertible notes in settlement of existing debt totalling $6,313,125.

As a result, the company will issue a total of 13,960,644 convertible notes for $11,308,125 along with 104,704,820 free attaching options.

The options have an exercise price of 10 cents each (to convert into fully paid ordinary Netlinkz shares) and an expiry date of two years from the date of issue.

“Greater financial flexibility to deliver growth”[hhmc]
Netlinkz executive chairman and chief executive officer James Tsiolis said: “We are pleased to have secured this funding and with the repayment of the loans our balance sheet will improve.

“We now have greater financial flexibility to deliver grow..

Netlinkz Ltd (ASX:NET) has received firm commitments from investors to raise $4,995,000 by the issuance of 6,166,664 convertible notes, with cash proceeds to be used to repay current loan facilities with Lind and CST which will extinguish those facilities.

In addition, Netlinkz has agreed to issue a further 7,793,980 convertible notes in settlement of existing debt totalling $6,313,125.

As a result, the company will issue a total of 13,960,644 convertible notes for $11,308,125 along with 104,704,820 free attaching options.

The options have an exercise price of 10 cents each (to convert into fully paid ordinary Netlinkz shares) and an expiry date of two years from the date of issue.

“Greater financial flexibility to deliver growth”


Netlinkz executive chairman and chief executive officer James Tsiolis said: “We are pleased to have secured this funding and with the repayment of the loans our balance sheet will improve.

“We now have greater financial flexibility to deliver growth based on recently announced initiatives.

“We are pursuing more sales of our market-leading VSN technology in multiple markets, with a focus on China through the iLinkAll business.

“We are making good progress in India and Singapore with the recently announced Natsoft partnership, and our new business pipeline continues to strengthen.”

Sharp jump in revenue


Netlinkz is approaching a key milestone of turning cashflow positive as business development initiatives begin to take hold in various markets and other markets show encouraging signs.

An indication of this was provided by a sharp jump in revenue in the second half of the financial year 2020, rising from $640,529 in the first half to $4,612,755 in the second half.

Read More – Source

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Australian Vanadium fields strong placement demand with $5 million raised to advance projects

Australian Vanadium Ltd (ASX:AVL) has received strong demand for a placement which has raised $5 million with funds to be used to advance the company's vertically integrated battery metals strategy, including a bankable feasibility study at its namesake vanadium project.

Firm commitments have been fielded from existing shareholders and new investors for the placement of more than 357 million ordinary fully paid shares at a price of 1.4 cents each.

The placement represents about 14% of the companys existing shares while the offer price represents a 10.02% discount to the 15-day VWAP of 1.56 cents and a 17.65% discount to the last closing price of 1.7 cents.

AVL managing director Vincent Algar said he was delighted with the response to the placement and that the funds raised put the company in a strong financial position moving forward.

Funding project development

The Australian Vanadium Project is AVLs primary focus, with funds to be applied towards the delivery of the bankabl..

Australian Vanadium Ltd (ASX:AVL) has received strong demand for a placement which has raised $5 million with funds to be used to advance the company's vertically integrated battery metals strategy, including a bankable feasibility study at its namesake vanadium project.

Firm commitments have been fielded from existing shareholders and new investors for the placement of more than 357 million ordinary fully paid shares at a price of 1.4 cents each.

The placement represents about 14% of the companys existing shares while the offer price represents a 10.02% discount to the 15-day VWAP of 1.56 cents and a 17.65% discount to the last closing price of 1.7 cents.

AVL managing director Vincent Algar said he was delighted with the response to the placement and that the funds raised put the company in a strong financial position moving forward.

Funding project development

The Australian Vanadium Project is AVLs primary focus, with funds to be applied towards the delivery of the bankable feasibility study.

Funds will also be allocated to AVLs battery focused subsidiary VSUN Energy to further develop vanadium redox flow battery sales in markets ranging from utility, commercial and mining to residential and the associated production of vanadium electrolyte including electrolyte leasing.

This vertical integration strategy offers job growth within Western Australia and across the country.

There will also be an allocation for exploration work on AVLs Coates collaboration project which has nickel-PGE potential and is near Chalice Gold Mines (ASX:CHN) Julimar discovery.

Further to this discovery, AVL has revealed the potential for nickel and platinum group elements (PGE) at Coates which is a collaboration with Lithium Australia NL (ASX:LIT) and Mercator Metals Pty Ltd.

Funds will be used to undertake confirmatory soil sampling, airborne electromagnetics drill targeting and drilling.

180 Markets


The shares were placed to institutional and sophisticated investors that qualify under section 708 of the Corporations Act with the capital raising managed by 180 Markets, a relatively new capital-raising platform where investors can register and bid into raisings.

AustraRead More – Source

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