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Bannerman Energy (BMN) entered trading halt today as it launches capital raising activities.
The company is working to bring its Etango-8 uranium project in Namibia into production by 2025. Etango-8 is forecast to have a 15-year initial mine life processing enough uranium to power up to eight large nuclear reactors.
Bannerman Energy has a Market cap of $327 million and shares last traded at 26.5 cents.
Also announcing a capital raise today was Eagle Mountain Mining (EM2) which is working to reopen and refurbish the Oracle Ridge underground mine in Arizona. Earlier this month Eagle Mountain announced its copper resource had been increased by 36 per cent.
Eagle mountain has a market cap of $111 million and shares last traded at 48 cents.
Chimeric Therapeutics (CHM) has raised $11.7 million through its capital raising activities — $7.4 million from institutional investors and $4.3 million from a retail entitlement offer. This was significantly less than the overall target of $18 million. The company is in a trading halt, pending an announcement in relation to the shortfall.
Shares in the Chimeric raise were priced at 17.5 cents. The last price on market was 15 cents, representing a market cap of just under $57 million.
In more capital raising activity earlier this week, $1.5 billion company Piedmont Lithium (PLL) launched a $113.75 million raising for US investors. The money is earmarked for restarting operations at North American Lithium in Quebec, for exploration activities in Ghana, and for the development of both its lithium hydroxide plant in the US and its Carolina lithium project.
On the ASX, Piedmont Lithium shares opened trade at 95 cents today
Bluglass (BLG) remains in trading halt until tomorrow, when it’s set to announce details of a capital raising. It’s seeking funding for the acquisition of more semi-conductor manufacturing equipment and capacity. Bluglass last traded at 3.2 cents per share.
IPO Activity: Pinnacle Minerals lists today
Kaolin and halloysite-focused Pinnacle Minerals (PIM) debuted on the ASX today. Trade opened in line with the 20-cent IPO issue price and rose as much as 12.5 per cent. Pinnacle raised $4.5 million prior to listing and has projects in Western Australia and South Australia.
Norfolk Metals (NFL) listed yesterday — the company is exploring for uranium in South Australia and gold in Tasmania. It joined the register after raising $5.5 million in an IPO with 20-cent shares.
The stock spiked to 24 cents at times during its first day of trade, but settled back to around 21.5 cents today.
Sarama Resources is set to list next month with the ticker code SRR and has launched an $8 million IPO with shares priced at 21 cents.
The company is already listed on the TSX Venture Exchange and has a three-million-ounce gold resource in Burkina Faso.
Managing Director and CEO Andrew Dinning said the ASX listing will provide Sarama shareholders more liquidity and reduce the company’s cost of capital.
But Burkina Faso was the centre of a military coup in January.
“We’re comfortable in Burkina. I don’t think any jurisdiction is perfect,” Mr Dinning said.
“They understand the importance of the industry to the country, there’s over a dozen established large mines.
“For us it’s new administration to deal with, but the industry is really important to the country and the stability of the country. I think the coup itself enjoyed a lot of public support so there hasn’t been any push back on it and I think their motivations were genuine which is the overall improvement of the country.”
Sarama Resources’ IPO offering closes at the end of the month.
