On Monday (October 14), a number of mining companies announced capital raisings to fund exploration programs, including Raiden Resources (ASX:RDN), which is raising $10 million to accelerate and expand drilling at the Andover Lithium project in Western Australia. .

As part of the offering, 312.5 million shares will be issued at a price of $0.32 per share, representing a 17.9% discount to Raiden’s last traded price of $0.39 per share. .

Kaai Capital and Evolution Capital will act as co-lead managers of the placement.

Raiden Resources, which has a market capitalization of $109.21 million, intends to use the funds to accelerate and complete the ongoing drilling campaign at the Andover South Lithium projects.

Initially a 5,000m diamond drilling program was planned, but observations from the first five holes, along with further spodumene observed in the second target area, gave the company the confidence to extend drilling to at 15,000 m.

The funds will allow the company to test additional targets and plan deeper drilling as part of its existing program.

The placement shares are expected to be allocated on or about October 17, 2024 and will rank pari passu with existing shares issued.

Viridis Mining and Minerals (ASX: VMM) is also undertaking a two-tranche placement to raise $4 million to fund work on the Colossus Rare Earths project in Brazil.

As part of the offering, 7.69 million shares will be issued at a price of $0.52 per share, representing a discount of 9.57% to the closing price of $0.575.

The first tranche will comprise 5.98 million shares, while the second tranche will comprise 1.71 million shares, subject to shareholder approval at the next annual general meeting on November 29, 2024.

Bell Potter Securities and Foster Stockbroking will act as co-managers of the offering.

Viridis Mining, which has a market capitalization of $37.9 million, says the funds will be used to release an updated resource estimate, mixed rare earth carbonate testing on bulk composite from the southern concessions , as well as pre-feasibility and final feasibility studies.

The funds will also be used for the design and construction of the demonstration plant and environmental approvals.

Meanwhile, Infinity Mining (ASX:IMI) is leading a placement to raise $2 million to facilitate strategic acquisitions.

As part of the offering, 106 million shares will be issued at a price of $0.019 per share, representing a 31% discount to the 30-day volume-weighted average price.

CPS Capital Group will act as lead manager for the placement.

Infinity Mining, which has a market capitalization of $5.15 million, says raising capital is a prerequisite for the GMH Resources and Eastern Victoria Gold Exploration projects, previously announced on August 15.

The funds will also support the acquisition of the Cangai project.

Emerging mineral processing technology company Zeotech (ASX:ZEO) is leading a placement to raise $1.82 million.

As part of the capital increase, 60.68 million shares will be issued at a price of $0.03 per share, which represents the last traded price on October 9, 2024.

Placement participants will also receive a free entry for two unlisted options, exercisable at $0.06 per option, expiring on or before October 31, 2025.

The funds will ensure that Zeotech has sufficient funding to execute its near-term strategic initiatives throughout 2024 and beyond. It will be primarily applied to the advancement of initial feasibility and engineering design studies associated with the Toondoon kaolin project and the production of metakaolin for low carbon concrete.

The funds will also help the company accelerate work on the Toonodoon mining plan, metakaolin life cycle analysis, methane monitoring program and production of metakaolin and zeolite samples, as well as the general turnover.

Zeotech will also be present at this year’s Noosa Mining Conference at Peppers Noosa Resort which will be held from 13-15 November 2024.

Last year’s November event attracted more than 1,000 participants onsite and online.

Mining.com.au is an official media partner of this year’s Noosa Mining Conference. Click here to register.

Write to Aaliyah Rogan at Mining.com.au

Images: Raiden Resources