NGI) inviting investors to fund a fifth of Marble Capital – The Market Herald

A company with over $20 billion in assets under management, Navigator Global Investments (NGI) is raising funds to pay the first installment of its $134 million deal to buy nearly 20% of US-based Marble Capital.

The fundraising objective is $57 million: $47 million already raised through a guaranteed investment and $10 million through a stock purchase plan.

Navigator will pay approximately $47 million up-front for its stake in Marble, with the remainder due in installments over two years.

Navigator’s managing director of strategic business development, Ross Zachary, said the deal is in line with the company’s plan to partner with the best alternative investment firms in the world.

“Marble Capital is a really exciting opportunity for us, it allows Navigator to diversify into private market alternatives, things that aren’t traded and/or liquid in the market,” he said.

“Marble is in the US real estate sector, which is a great diversifier for our platform.

“They operate specifically in a high-demand area, in American multi-family real estate, or in apartment buildings and developments like that, which typically offer very attractive returns and experience strong growth.

“As housing prices rise and affordability declines, these types of developments are doing well.

“Individuals and families buying a single-family home are now continuing to rent and are looking to rent high-quality apartments and/or homes, and these are the groups that Marble funds.”

Meanwhile, Ionic Rare Earths (IXR) will raise $30 million via an oversubscribed placement, as it seeks to finalize its mineral resource estimate and feasibility study for its Makuutu rare earths project in Uganda.

The increase will also support work in Seren Technology’s recently acquired rare earth magnet separation, refining and recycling business.

New shares will be issued at a 10% discount to 7.4 cents.

IXR has a market capitalization of around $280 million and shares were down more than 4%, opening at 7.8 cents at 1:30 p.m. AEST.

Adslot (ADS) is raising $1.8 million through a placement and $2 million through a rights issue, the latter partially guaranteed by an entity controlled by company chairman Andrew Barlow. All directors are committed to fully exercising their rights.

The company needs working capital to further develop its marketplace platform for media buying organizations spanning North America, Europe and Asia-Pacific.

ADS has a market capitalization of over $33.5 million and the shares last traded at 1.7 cents – the same price the rights shares are offered. The entitlement ends early next month.

New capital is also on its way to gas explorer ASX Strike Energy (STX), thanks to a $2 million grant from the WA government.

The money was granted by the state’s Clean Energy Future Fund and will allow Strike Energy to test geothermal potential in the Perth Basin.

Managing Director and Chief Executive Stuart Nicholls thanked the government for its support.

“The complementary skills required for a successful geothermal project in the Midwest are all currently part of the companies’ existing skillset,” he said.

Strike Energy has a market cap of $668 million and shares are trading around 33 cents as of 1:30 p.m. AEST.

Five other companies announced fundraising today: Aldoro Resources (ARN), Mithril Resources (MTH), Propell Holdings (PHL), Scorpion Minerals (SCN) and Sunstone Metals (STM).

There will be more news to come from these companies later in the week.