South America-focused gold explorer Challenger Exploration has joined the junior raising rush, tapping the market for $20m to push ahead with its Argentinian and Ecuadorean projects.
The $20m placement at 20c – a 3c discount to its 23c closing price on Monday – is being led by Foster Stockbroking, Peloton Capital and Henslow, with the funds to be earmarked mainly for a drilling program and scoping studies at its Hualilan project in Argentina.
The project already has an inventory of about 600,000oz of gold – but the project has been locked up in disputes between previous owners, including former TSX-listed La Mancha, for the last 15 years and the resource is not compliant with Australian reporting standards, the company says.
Challenger is only the latest of a rush of gold juniors to take advantage of the surging gold price to tuck away a significant raising. This within the few weeks WA’s Black Cat Syndicate called a trading halt as it seeks about $8m, Bellevue Gold launched a $100m placement, Bardoc Gold put away $24m, and Navarre Minerals raised $8m.
Coal price not right as Kestrel mine owners seek $4.8bn pay dirt
The owners of the Kestrel coal mine will have to convince buyers to pay about $4.8bn for the mine, but the coal price has fallen about 20 per cent since it was first set to hit the market.
St John of God in discussions over Healthscope leases
The not-for-profit St John of God Health Care has discussed with Healthco Healthcare and Wellness REIT taking over some real estate leases from tenant Healthscope.