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Sarama Resources (SRR) is mobilising its team and drill rigs to its gold projects in Burkina Faso in the wake of its market debut.

The company began trading on the ASX this week, with shares trading between 19 cents and 22.5 cents after raising $8 million through its 20-cent IPO.

Sarama, which already has a gold resource, has been listed on the TSX Venture Exchange since 2011, but joined the ASX for greater access to capital and more liquidity for shareholders. 

The Deal Room spoke with President, CEO and Managing Director Andrew Dinning, who discussed the political environment in the West African nation and the company’s plan to work quickly ahead of the next wet season in June and July when access to the site is more difficult. 

On day two of trading, Sarama regained some ground, trading at 21 cents at 2:55 pm AEST.

It’s been a big week already for new listings with other new debutants 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 works to extend its tungsten production in far north Queensland.

The company is producing 50 tonnes of tungsten concentrate per month and hopes to up that to 300 tonnes.

CEO Kevin MacNeill spoke to Deal Room from EQR’s Mount Carbine operations, an area north of Port Douglas.

He said the project was employing about 65 workers.

EQ Resources has secured a $4.8 million supplier finance facility, and had been awarded a $6 million Federal Government grant and an offtake prepayment facility of up to $4.2 million. It also had gained a $1.5 million loan from director and shareholder Zhui Pei Yeo.

“These funding facilities close out our capex financing effort for the Mt Carbine plant expansion,” Mr MacNeill said.

“Total cost of capital for the upcoming capex is less than three per cent, very competitive for such a specialised operation to produce a much sought-after concentrate for the export market.”

The company’s market cap is above $80 million and shares were trading around 6 cents today.

Monger Gold (MMG) has seen its shares soar today after announcing it had signed a deal to acquire American Consolidated Lithium in Nevada for $2 million.

The company raised more than $1.7 million through a placement to the vendor of the American lithium company.

We’ll bring you our interview with Monger’s chair Peretz Schapiro tomorrow.

The company’s market cap is $7.8 million with shares up 55 per cent, trading around 43.5 cents.

Norwegian battery metals player Kuniko (KNI) is launching drilling for cobalt after raising $8 million through a placement.

Kuniko has a market cap of $63 million and shares have been trading up more than 2.5 per cent on the news.

Tech company Family Zone Cyber Safety (FZO) is looking for $42 million to fund its acquisition of Qustodio — a parent controls operation working in 9 languages, across 100 countries.

The cash, scrip and vendor finance deal for the company, which generates about $16 million in revenue, is worth almost $74 million — half of which is to be paid upfront. It will be subject to Spanish approvals and a successful capital raising.

Family Zone has a market cap of about $300 million and shares have been trading above 40 cents.

Finally, encryption security company Senetas Corporation (SEN) entered a trading halt today ahead of a capital raise announcement. It is expected to disclose the details on Thursday.

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