Noble Helium, Cygnus Metals rattle the tin

afr.com:

Listed microcaps Noble Helium and Cygnus Metals were among a small group of Thursday’s raising candidates, as the reporting season kept chunkier at bay.

Chunkier raisings were quiet on Thursday as the reporting season rolled on.  

Noble Helium had Wilson Advisory and MST Financial chasing $12 million to fund drilling of two wells at Tanzania. The brokers were offering shares at 20¢ apiece or a 22 per cent discount to Wednesday’s close.

Potential investors were told the raise was cornerstoned by backers that tipped in earlier this year. The company had a $51 million market capitalisation before the raise, and is focused on exploring helium targets in Tanzania.

Elsewhere, Canccord Genuity and Euroz Hartleys were rounding up $7.2 million for lithium junior Cygnus Metals. Shaw and Partners had a role as a co-manager.

It was split as a $4.2 million block trade tied to a flow-through placement, and a $3 million institutional placement at 22.5¢ a share or an 11.8 per cent discount to the last close. The brokers had room for another $2 million in oversubscriptions, and the company planned to chase it up with a small share purchase plan.

A term sheet sent to potential investors said the company would use the proceeds to fund works at its Pontax, Auclar, and Sakami Lithium projects, and for general working capital.

Bids into the placement were due 5pm Thursday for Asia Pacific investors.