It’s been a week since the brakes have definitely been on capital raisings, which is unsurprising given the overall market downturn.
Exceptions, however, include Almonty Industries (AII) which announced that it had raised just under the $4.8 million needed to secure a $109 million loan from a German bank to finance the reconstruction of the mine. tungsten from Sangdong in South Korea.
In order to secure the KfW Development Bank funding facility this month, Almonty had to pay the outstanding fees.
Chairman and CEO Lewis Black also admitted today that project costs had jumped 5%, but said this had been taken into account and long-term milling and flotation equipment delay had been ordered last year.
“It allowed us to capture prices and delivery times on significantly more favorable terms than if we had ordered today,” he said.
“However, delivery dates have been extended by two months, with global shipping delays being the main issue.
“But this will not delay work on site as we have simply adjusted our schedule to bring forward areas that are being manufactured or planned in South Korea and have pushed the installation of imported items not yet in the country to compensate for the delays. shipping.
“Based on this, we have updated our in-service date to late Q2 2023.”
The value of the company’s shares has fallen nearly 20 cents over the past month. Almonty shares were trading at 85 cents at 1:52 p.m. AEST. Almonty’s market cap sits at $177.5 million.
Meanwhile, metal 3D printer, Amaero International (3DA) says its cash flow will be positive as soon as its titanium alloy powder plant comes online – something executive director Stuart Douglas told the trading room over the next financial year.
“We’ll be generating about $10 million in revenue per quarter, so we’re excited about that,” Douglas said.
“We’ve seen some very uncertain markets, obviously, over the last couple of weeks, but to be able to stop trading and do the raise at exactly the same price without a discount, we’re very, very happy about that.”
Mr Douglas said global demand for titanium was rising as Russia’s invasion of Ukraine reduced supply.
Amaero raised a total of $11 million – $8.2 million from institutional investors and the rest from Pegasus Growth Capital, which was leading the raise. Pegasus Managing Partner Hank Holland will join Amaero’s Board of Directors.
The company has a market cap of over $45 million and the share value rose slightly today to 22.5 cents at 2:00 p.m. AEST.
Point-of-sale consumer finance player Payright (PYR) has confirmed that all systems are in place for its $125 million warehouse and has completed the $9.5 million capital raise. dollars recently announced.
Warehouse must be provided by Goldman Sachs. The moves were approved at an extraordinary general meeting and Payright intends to increase its scale.
Payright has a market capitalization of just over $11.5 million and the shares were trading at 13 cents as of 2:57 p.m. AEST.
The IPO drought will break on Monday, with the listing of Southern Cross Gold. It will debut under the code SXG. It has four exploration projects across Victoria and Queensland and raised $10 million from its IPO with shares trading at 20 cents.