Broken Hill iron ore products producer Hawsons Iron launched an $8.8 million equity raising on Tuesday, a day after it put outs its quarterly results.
Broken Hill iron ore explorer Hawsons Iron and Canadian gold hopeful Auteco Minerals were chasing up their quarterly numbers with cash calls on Tuesday morning.
The term sheet sent to potential investors said Hawsons would use the proceeds for engineering analysis to reduce capex for its processing plant and to modify the bankable feasibility study to an 11 million tonnes per annum project. The raising would also fund general working and first-stage drilling for shallower targets.
Elsewhere, Auteco Minerals had Canaccord Genuity and Argonaut Securities offering shares in an $8 million placement at 5¢ a pop, a 12.3 per cent discount to the last close.Fund managers were told Auteco would use the proceeds to fast-track seasonal exploration work at its Pickle Crow gold project in Ontario, which is close to Evolution Mining’s Red Lake.
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