Talon Energy (TPD) is cashed up with $13.5 million raised through a placement and share purchase plan as recent drill and flow test results exceed expectations.
But despite recent news, the company’s share price remains stagnantly low.
Talon owns stakes in two large gas projects: the Walyering Gas Field with Strike Energy (STX) in Western Australia and Gurvantes XXXV with TMK Energy (TMK) in Mongolia.
Managing Director and CEO Colby Hauser told The Deal Room that the company’s pivotal moments were close.
“The successful placement has been a great outcome for Talon and its shareholders as we look to capitalise on the success seen to date at the Walyering onshore gas project in the Perth Basin,” he said.
“In particular with Walyering, probably investors are waiting to see what the report from risk looks like in terms of independent resource valuation, that’s pretty near term.
“I think then you’ll see some value attributed to Walyering. And then, obviously in Mongolia, we’re only two out of four holes down so there’s still a way to go.
“I think it’s sort of risk versus timing and appetite.”
Mr Hauser said a final investment decision was expected for Walyering in coming months.
Talon Energy has a market cap above $60 million and shares were trading at 0.7 cents today as of 1:56 pm AEST.
Meanwhile, Rafaella Resources (RFR) will issue $500,000 worth of shares priced at 6 cents each and pay $100,000 in cash to secure two new battery metals targets in Quebec.
The Alotta and Lorraine projects lie alongside the company’s existing nickel, copper and platinum group elements targets, Midrim and Laforce.
Managing Director Steven Turner said the deal with Chase Mining Corporation cemented a move in key strategic focus for the tungsten and tin developer in Europe to the battery metals space in Canada.
“We did reach out and spoke to Chase, Chase has shifted its focus and therefore the Alotta and Lorraine perhaps were no longer core for them, so the opportunity came about that we could come together and do a transaction,” Mr Turner said.
“It’s gone well and we’ve consolidated a very attractive package that effectively doubles our area, we have 157 square kilometres. We’ve doubled our number of targets up to 70 and our high priority targets have doubled as well.
“There’s platinum and palladium there, there’s copper, there’s nickel and this has all been pulled together very, very, neatly allowing us to move forward.
“This acquisition we’ve just done is a re-balancing of our portfolio with a real emphasis and focus on a tier one mining jurisdiction in a range of commodities that are super-hot at the moment, that are very exciting and with a government that is very supportive.”
Rafaella Resources has a market cap below $10 million and shares were trading at 4 cents at 1:57 pm AEST.
OzAurum (OZM) today announced it’ll raise $2 million via an underwritten share purchase plan.
Shares will be priced at 16 cents and will help fund works at the Demag Zone gold discovery at the company’s Mulgabbie North project.
It’ll be used for further drill testing and exploration.
Managing Director and CEO Andrew Pumphrey said reverse circulation drilling works began this week.
“Recent exploration, including the virgin gold discovery of the Demag Zone, further demonstrates the potential for Mulgabbie North to deliver a significant gold discovery situated right alongside the Northern Star Carosue Dam Mill,” he said.
“In addition, expanded exploration efforts are planned at the high-grade Patricia Gold Project — working to resolve the structural complexity with the aim of targeting high-grade gold mineralisation at depth.”
OzAurum has a market cap above $22 million and shares were trading down more than 5 per cent on the news at 18.5 cents as of 2:58 pm AEST.
Metrics Master Income Trust (MXT) is conducting a wholesale investor placement with $2 shares and another five ASX-listed companies are in trading halt, ahead of capital raising: Australian Rare Earths (AR3), Edu Holdings (EDU), Greenstone Resources (GSR), HSC Technology Group (HSC) and Navarre Minerals (NML).
The details of these raisings will be released to the market over the coming days.
Meanwhile, in IPO news, a company with high purity nickel projects in Finland, Nordic Nickel, will debut on the ASX tomorrow, under the ticker code NNL. It’s raised $12 million with 25 cent shares.