Sarama Resources (SRR) is mobilizing its team and drill rigs on its gold projects in Burkina Faso following its market entry.
The company began trading on the ASX this week, with shares trading between 19 cents and 22.5 cents after raising $8 million from its 20 cent IPO.
Sarama, which already owns a gold resource, has been listed on the TSX Venture Exchange since 2011, but joined the ASX for better access to capital and more liquidity for shareholders.
The trading floor spoke with Chairman, CEO and Managing Director Andrew Dinning, who discussed the political environment in the West African country and the company’s plan to work quickly before the next rainy season in June and July, when access to the site is more difficult.
On the second day of trading, Sarama regained ground, trading at 21 cents at 2:55 p.m. AEST.
It’s already been a big week for new listings with other new starters including Allup Silica (APS), Equity Story Group (EQS), Sierra Nevada Gold (SNX) and Solstice Minerals (SLS).
In capital raising news, EQ Resources (EQR) is now funded for open pit work to expand its tungsten production in Far North Queensland.
The company produces 50 tons of tungsten concentrate per month and hopes to reach 300 tons.
CEO Kevin MacNeill spoke to Deal Room about EQR’s Mount Carbine operations, an area north of Port Douglas.
He said the project employed about 65 workers.
EQ Resources secured a $4.8 million vendor financing facility and received a federal government grant of $6 million and a prepayment facility of up to $4.2 million. He had also secured a $1.5 million loan from director and shareholder Zhui Pei Yeo.
“These financing facilities complete our capital financing effort for the Mt Carbine plant expansion,” Mr. MacNeill said.
“The total cost of capital for future capital expenditure is less than 3%, which is very competitive for an operation so specialized in producing a highly sought-after concentrate for the export market.”
The company’s market capitalization is over $80 million and shares were trading around 6 cents today.
Monger Gold (MMG) saw its shares soar today after announcing it had signed an agreement to acquire American Consolidated Lithium in Nevada for $2 million.
The company has raised more than $1.7 million through a placement with the US lithium company’s supplier.
Tomorrow we’ll bring you our interview with Monger President Peretz Schapiro.
The company’s market capitalization is $7.8 million with shares up 55%, trading around 43.5 cents.
Norwegian battery metals player Kuniko (KNI) is launching cobalt drilling after raising $8 million through a placement.
Kuniko has a market capitalization of $63 million and shares rose more than 2.5% on the news.
Technology company Family Zone Cyber Safety (FZO) is seeking $42 million to fund its acquisition of Qustodio – a parental control operation working in 9 languages, in 100 countries.
The cash, certificate and vendor financing deal for the company, which generates about $16 million in revenue, is worth nearly $74 million, half of which must be paid up front. It will be subject to Spanish approvals and successful fundraising.
Family Zone has a market capitalization of around $300 million and shares are trading at over 40 cents.
Finally, encryption security firm Senetas Corporation (SEN) halted operations today ahead of the announcement of a capital increase. He is expected to reveal details on Thursday.