Securing project finance for the North Yorkshire polyhalite mine is the ‘final hurdle’ in the way of unlocking a possible US$7bn valuation, says Liberum analyst Richard Knights.
The permit of work has been granted by the Western Australia Department of Mines and Petroleum, paving the way for the commencement of drilling, which remains on track for mid-late May.
Tembo has tenements in Tanzania, but Foster said Stratex’s focus is now on its interests the west of Africa.
Money raised from the placing, which represents approximately 9.9% of the enlarged share capital, will pay for its share of exploration in Botswana being undertaken currently by joint venture partner Alrosa.
Meanwhile, Alaska oil shale explorer 88 Energy ltd (LON:88E) told investors it completed most of a planned seismic programme, and it has now agreed a deal to buy data gathered in a 3D programme last year,
88 Energy said 662 line kilometres have been completed, of the planned 750 kilometre 2D programme.
The company said sales in the twelve months to December 31 fell to £684,000, from £1.4mln in 2014, as a result of the ‘phasing’ of orders from Siemens.
Over at Shanta Gold (LON:SHG) the group is restructuring its finances as its expands underground at the New Luika mine in Tanzania.
The gold miner will raise US$15.25mln in total, US$10mln (£6.9mln) through a share placing and a further US$5.25mln in a silver by-product streaming agreement.
China Nonferrous Gold (LON:CNG) has agreed a US$130mln loan with CNMC International Capitals Company Limited to refinance the loan facility with Industrial and Commercial Bank of China Limited, under which USD$115 million is currently drawn, and for working capital.
And finally, copper and gold explorer Metminco (LON:MNC) has raised A$0.6mln from a share purchase plan offer to shareholders.
The money will be applied to complete the acquisition of Minera Seafield from RMB Australia Holdings, development of the Miraflores project in Colombia and working capital. Shares were issued at 0.21p.