Capital Watch: Southern Gold, RMA Energy, Prosperity, Gleneagle Gold
JUNIOR explorer Southern Gold says its substantial shareholder Talbolt Group Holdings has agreed to fully underwrite its $A1.6 million rights issue.
The Adelaide-based company announced a fully underwritten one for three non-renounceable pro rata rights issue at an issue price of 5c per new share last week.
The proceeds from the rights issue will go towards exploration across the company’s gold and base metal projects in Cambodia, South Australia and Western Australia.
Funds raised will also go towards working capital requirements.
Diversified resources play RMA Energy says its share placement of 36 million shares to China Railway Resources Co (CRRC) still remains conditional on Foreign Investment Review Board approval.
RMA has also been informed by CRRC that it also requires approvals from China’s(cnmining) Ministry of Commerce, Assets Supervision and Administration Commission, National Development and Reform Commission and State Administration of Foreign Exchange.
The company expects decisions over these applications in time to allow the placement to be completed in February 2009.
Meanwhile, RMA’s placement of 36 million shares to Bounty Resources remains conditional on the approval of shareholders at a meeting likely to be held in February 2009.
Perth-based Prosperity Resources will raise $1 million via a placement of 20 million shares at 4c per share with two overseas investors to fund the acquisition of Indonesian projects through its joint venture partnership with PT Dana Mitra Utama.
Prosperity will issue 10 million shares each to its Chinese investor Tai Xi Group and its JV partner PT Dana Mitra Utama.
As an incentive for making the investment, Prosperity has also agreed to grant the investors a one-for-one free attaching option exercisable at 10c per share on or before 30 June 2009.
The grant and issue of these options will be conditional on shareholder approval at a general meeting in the next two months.
Finally, Gleneagle Gold has issued over 21.5 million shares as a placement to investors to raise around $1.08 million.
The company did not specify how the capital raised would be spent.
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