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A company with well over $20 billion in assets under management, Navigator Global Investments (NGI) is raising funds to pay the first instalment in its $134 million deal to buy nearly 20 per cent of US-based Marble Capital.
The fundraising target is $57 million: $47 million already stitched up through an underwritten placement and $10 million via a share purchase plan.
Navigator will pay about $47 million upfront for its stake in Marble, with the rest due in instalments over two years.
Navigator Managing Director of Strategic Corporate Development Ross Zachary said the deal was consistent with the company’s plan to partner with best-in-class alternative investment firms globally.
“Marble Capital is a really exciting opportunity for us, it allows Navigator to diversify into private market alternatives, things that are not traded and/or liquid on 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 very sought-after area, in US multi-family real estate, or apartment buildings and developments like that, which are generally very attractive returns and are seeing a lot of growth.
“As housing prices go up and affordability goes down, these types of developments perform well.
“Individuals and families that purchase a single-family home are now continuing to rent and looking to rent high-quality apartments and or homes, and those are the groups that Marble finances.”
Meanwhile, Ionic Rare Earths (IXR) will bring in $30 million via an over-subscribed placement, as it looks to finalise its mineral resource estimate and feasibility study for its Makuutu rare earths project in Uganda.
The raise will also support work at the company’s recently-acquired Seren Technology rare Earth separation, refining and magnet-recycling businesses.
New shares will be issued with a 10 per cent discount, at 7.4 cents.
IXR has a market cap of about $280 million and shares have traded down more than four per cent, opening at 7.8 cents at 1.30pm AEST.
Adslot (ADS) is raising $1.8 million through a placement and $2 million through a rights issue, the latter of which is partially underwritten by an entity controlled by the company’s chairman Andrew Barlow. All directors have vowed to take up their full entitlements.
The company needs working capital to continue development of its marketplace platform for media buying organisations covering North America, Europe and Asia Pacific.
ADS has a market cap above $33.5 million and shares last traded at 1.7 cents — the same price as the entitlement shares are offered. The entitlement closes early next month.
Fresh capital is also enroute to ASX gas explorer Strike Energy (STX), thanks to a $2 million WA Government grant.
The money was awarded from the State’s Clean Energy Future Fund and will allow Strike Energy to test geo-thermal potential in the Perth Basin.
Managing Director and CEO Stuart Nicholls thanked the Government for the support.
“The complementary skills required for a successful geothermal project in the Mid-West are all currently within the companies’ existing competencies,” he said.
Strike Energy has a market cap of $668 million and shares are trading around the 33-cent mark 1:30 pm AEST.
Five more companies announced capital raisings 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.
