Chimeric Therapeutics’ (CHM) capital raising shortfall has been reduced, thanks to a further placement of $2.7 million with shares at 17 cents each.
The shortfall placement brings the total raised by the cell therapies developer to $14.4 million, still $3.7 million below its initial $18.1 million target. However, Chimeric today vowed to stop chasing the shortfall.
The extra 15.9 million shares issued will come with attaching options priced at 25.5 cents, expiring in two years.
Chimeric Therapeutics has a market cap of $56.8 million and trading opened 1.5 cents below the raise issue price, at 15.5 cents.
Seven companies remain in trading halts today ahead of capital raise announcements: Aston Minerals (ASO), Desert Minerals (DM1), Gascoyne Resources (GCY), Tietto Minerals (TIE), Westar Resources (WSR), YPB Group (YPB), 3D Metalforge (3MF).
Meanwhile, laser diode manufacturer Bluglass (BLG) announced a major growth step this week, becoming the first Australian company to own a full-suite semiconductor fabrication plant.
It’s acquired the facility lease and manufacturing equipment in Silicon Valley in a deal worth about $3.3 million.
To fund the deal, the company’s secured $3.4 million through a placement and is also seeking $7.5 million more through a non-renounceable entitlement offer.
Executive chair James Walker said the acquisition allowed the company to bring all manufacturing in-house.
“We think it’s a great deal,” he said.
“Our longer-term plan was to build our own fab (fabrication plant) and bring those processes in-house. If we were to do that today in the US, it would cost about USD$40 million to do from scratch.
“So, for us to get a facility that’s already been purpose built, has most of the equipment we already need in it — it’s not new equipment for sure, but it’s got equipment that works in a facility that’s already purpose built — for USD$2.5 million, we think it’s a phenomenal deal.”
The entitlement offer opens on April 1 with shares priced at 3 cents. Bluglass has a market cap above $31 million and share trade opened at 3.1 cents today.
Mining company Eagle Mountain Mining (EM2) raised $16 million to tunnel deeper into copper country in Arizona.
Of that amount, $1 million came from the company’s Managing Director and well-known mining veteran Charles Bass.
Eagle Mountain’s CEO, geotech engineer, Tim Mason, said the money would fund efforts to increase the Oracle Ridge Copper Mine resource.
“We’re expanding our copper project in Arizona, we’ve been having some really good success — great strike rates with our drilling,” he said.
“Our aim is to expand the resource to put it (the mine) back into production, that’s what we ultimately want to do and this raising is just the next step in the pathway to getting the project up and running.”
Eagle Mountain has a market cap of $104 million and share trade opened at 45.5 cents this morning.