Tombola Gold (TBA) has announced it is now fully financed through to first gold production at its flagship Mt Freda Gold Mine next quarter.
The company has secured $10.5 million through a placement priced at 6 cents a share — a 5 per cent premium to its 15-day volume-weighted average price.
The raise will also fund exploration for copper, cobalt and gold near Cloncurry in Queensland and for copper in the Burra region of South Australia.
The Market Herald Deal Room will feature an interview with Tombola’s Managing Director, Byron Miles, tomorrow.
TBA’s market cap is about $50 million and the value of shares has eased back below the raise price, at 5.6 cents as of 2:23 pm AEST.
Cybersecurity firm Senetas Corporation (SEN) completed a $5 million placement to boost investment in its subsidiary, secure gateway company Votiro Cybersec Global.
Senetas CEO Andrew Wilson spoke to Deal Room from Melbourne.
“Senetas’ ongoing support of Votiro, combined with the requirement for Senetas to carry higher inventory levels in the short term as a result of the industry-wide shortage of semi-conductors, had reduced Senetas’s surplus cash reserves,” he said.
“However, following completion of the placement, Senetas is now strongly positioned to continue to support the growth of both the Senetas and Votiro businesses.
“Whilst the global shortage of electronic components continues to delay some customer sales, we are pleased to see growth in Senetas’s sales pipeline continue, with ongoing growth in the North American market particularly encouraging.”
The company has a market cap of $40 million and the share price has dropped in the wake of the raise, trading at 3.5 cents at 2:33 pm AEST.
Meanwhile, Integral Diagnostics (IDX) is acquiring Exact Radiology in south-east Queensland in a $37.5 million cash deal, funded in part thanks to its $43 million capital raising earlier this year.
Exact has 11 clinics in Brisbane, Ipswich and surrounding centres and has a projected EBITDA of $5.25 million for the 2022 financial year.
Integral Diagnostics has a market cap above $830 million and shares are trading up on the news, at $3.71 as of 2:17 pm AEST.
IPO News
RLF AgTech (RLF) has been on market for more than two weeks now after raising $8.5 million through its IPO.
The technology-driven fertiliser company is now growing its sales team in a bid to increase its market share as the conflict in urea- and potash-rich Ukraine sees the price of fertilisers reach all-time highs.
Since listing, the company’s secured a $1.2 million forward sales contract with two Chinese companies.
Despite these factors, shares today have been trading down as much as 20 per cent on the IPO raise price of 20 cents.
Managing Director Ken Hancock said the company now needed to deliver on its IPO promises.
“We are a business that does have revenue; it also does have profit. It’s really, for us, about implementing our growth plans that we released in our prospectus, and I think once we do that we’ll see the natural results in terms of our pricing,” he said.
RLF AgTech has a market cap above $33 million and shares were trading at 16 cents at 2.36 pm AEST.