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Maronan Metals (MMA) stormed onto the ASX today, gaining more than 50 per cent on debut.
The company is a spin-out from Red Metal’s (ASX:RDM) Maronan Project, targeting copper, gold, silver and lead in north-western Queensland.
The project already has an inferred JORC resource.
MMA raised $15 million from its 20-cent initial public offering (IPO). Today, shares were trading at 30.5 cents as of 2:20 pm AEST.
Meanwhile, medtech OncoSil (OSL) is cashing up after signing its first commercial agreement with a hospital in Spain.
The company’s looking to grow its markets in UK and Europe for its OncoSil implant, which is designed to treat pancreatic cancer.
OncoSil secured $4 million in a placement and is banking on another $6 million through an entitlement offer, with shares issued at 5 cents — a discount of more than 18 per cent to its last closing price.
Shares are trading down more than 8 per cent on the capital raising news.
CEO and Managing Director Nigel Lange said the new agreement was worth more than half a million dollars, and a further nine Spanish hospitals had been trained in the use of the OncoSil device.
“This is an important advancement for patients with locally advanced pancreatic cancer in Spain,” he said.
“This is in addition to training additional OncoSil treatment sites in other European countries.”
The two-for-13 entitlement offer opens on May 10. OncoSil has a market cap approaching $50 million with shares at 5.6 cents at 1:57 pm AEST.
Environmental Clean Technologies (ECT) yesterday announced it had forged a joint venture deal with private company GrapheneX to fast track its hydrogen demonstration plant at Bacchus Marsh.
Each company will inject $3.5 million of capital, so ECT has raised $5 million through a placement priced at 3 cents a share, with attaching options.
Environmental Clean Technologies MD Glenn Fozard said it would be the largest demonstration plant of its type in Australia.
“Once installed, the process will be the largest hydrogen production capability from lignite,” he said.
“Add to that the largest demonstration of low-emission electricity from lignite syngas and we have a site of national significance.”
Instead of focussing on high-purity hydrogen, the ECT/GrapheneX project will focus on hydrogen derivatives, which solve storage and transportation challenges. It does not require the carbon capture and storage infrastructure needed at sites like the Blue Hydrogen projects.
“The addition of a turbine on-site, along with funding to build the pyrolysis kiln (to produce char and syngas) and formic acid process, will elevate the profile of our hydrogen hub at Bacchus Marsh and provide a working demonstration of technology that is proven, ready for deployment and most importantly, demonstrably net zero emission.”
The company has a market cap above $50 million and shares have been holding up around the 3-cent placement issue price.
Mining processing company Elmore (ELE) has raised $2.5 million through a two-year convertible note to existing funds and sophisticated investors to boost its commitment to Territory Minerals’ gold and antimony project in Far North Queensland.
WA-based Elmore is providing a processing solution for Territory Minerals’ gold ore produced from the site which is 100km west of Cairns.
Elmore’s MD, David Mendalawitz, said shareholder approval would be required to convert the note to 62.5 million shares priced at 4 cents.
“The funds will give us the confidence to dive into the next stages of development of a project that we are confident has lots of potential for all involved,” he said.
Elmore’s market cap is about $30 million and shares were trading at 4.1 cents at 2:08 pm AEST.
In trading halt ahead of capital raising are: Kuniko (KNI), Metalicity (MCT), Miramar Resources, (M2R) and Monger Gold (MMG).
