Deals

Oil and gas modelling software provider Stochastic Simulation has entered into a $5 million deal to acquire modelling technology from Predrill Stresses International.

Perth-based PLD Corporation will proceed with acquiring three zinc and nickel projects, including collapsed miner Kagara’s Admiral Bay zinc project, now that it has secured about $10 million from two mining finance managers, including Resource Capital Funds.

Viento Group has announced it will attempt to raise up to $7.23 million through a rights issue pitched at less than half its current share price.

CI Resources will investigate new investment opportunities in the palm oil, phosphate and fertiliser industries, following its compulsory acquisition of all remaining shares in Phosphate Resources.

West Perth- based explorer Sheffield Resources will sell its Oxley potash project, near Geraldton, to South Australian Centrex Metals for $2.5 million.

Fitzroy Resources is set for big changes after winning backing from prominent Perth investors Tony Grist and Rod Jones.

Welshpool-based Mount Ridley Mines has announced a $3.24 million placement for exploration at its Fraser Range nickel-copper project, with the company already receiving commitments in excess of this amount.

PKF Lawler has shot into the ranks of Western Australia’s top 10 accounting firms after merging with Subiaco-based Barringtons.

Listed companies from Western Australia are on the outer in the most recent quarterly reshuffle of the S&P Dow Jones ASX Indices, with high-profile absentees including Iluka Resources, Mineral Resources and Monadelphous Group.

Perth-based oil and gas company Tap Oil has launched a strategic review process that includes the possible sale of the business, after one of its substantial shareholders proposed a board shake-up.

Shares in uranium miner Bannerman Resources dropped 15.3 per cent on news it initiated a discounted share purchase plan to raise up to $2 million.

The consumer watchdog has given the green light to Woodside Petroleum’s proposed purchase of oil and gas assets from US energy company Apache, after concluding it would not have a significant effect on the domestic gas market.

Solco has completed its transition from solar panel wholesaling to financing and technology with the wrap-up of its $9.2 million acquisition of GO Group.

West Perth-based miner Metals X has hit back at Northern Star Resources’ bid for Tanami Gold’s Central Tanami project with claims that the deal conflicted with legally-binding obligations.

Newcrest Mining has sold more than half of its one-third stake in Evolution Mining for about $106 million.

Two of Western Australia's most successful gold miners are competing to gain control of Tanami Gold’s Central Tanami project, indicating the growing investor interest in the gold mining sector.

Shares in Canada-focused coal developer Coalspur Mines surged after the company announced it had received a $15 million takeover proposal from KC Euroholdings.

BHP Billiton has scrapped the sale of its US Fayetteville shale assets in the face of weak oil prices, less than four months after it was announced, and announced big cuts to its capital spending.

Mungana Goldmines shares closed 20 per cent higher today on news former Mutiny Gold managing director Tony James would be the company’s new boss.

Subiaco-based gold producer Northern Star Resources will become Alchemy Resources’ largest shareholder by purchasing the company’s Hermes deposit in the Bryah Basin for $1.45 million.

The financial incentives for higher cost mid-tier miners to either share infrastructure or merge is at an all-time high, according to accounting firm EY.

Quintessential Resources is set to relist on the ASX tomorrow after morphing into technology incubator Yonder and Beyond, but plans by three travel businesses, including George Michalczyk's Motive Travel, to undertake a backdoor listing through Red Gum Resources have fallen through. Click through to also see the BNiQ listing of 26 WA backdoor listings.

East Perth-based financial services group Pioneer Credit has delivered an interim profit after tax of $1.6 million, but said it was still on track to achieve a FY15 profit of $6.6 million in its first full financial year as a public-listed company.

Perth-based Amcom Telecommunications has posted a 16 per cent slide in half-year profit to $9.3 million on the back of a fall in revenue from its IT services business.

Matrix Composites & Engineering has resumed dividend payments after reporting a net profit of $3.9 million on the back of a 21 per cent increase in sales revenue.

Perth-based minerals explorer ABM Resources has announced plans to tap investors for a $14.2 million capital raising to fund development of the Old Pirate gold deposit in the Northern Territory.

Shares in Nomad Building Solutions were up 26 per cent today, after the company announced it would acquire privately-owned Bloomer Constructions Qld for up to $10.4 million, which offset news of an expected loss in its McGrath Homes business.

Oil and gas explorer Tangiers Petroleum has raised $7 million in a discounted placement to complete its acquisition of the Icewine project in Alaska.

Shareholders in Toll Holdings are set for a windfall after Japan Post made a $6.5 billion takeover for the Australian transport and logistics firm.

Northern Minerals has attracted a Chinese-based funding partner to provide up to $49.5 million for its flagship Browns Range heavy rare earths project near Halls Creek.

Nedlands company Proteomics International Laboratories is hoping for increased support for its initial public offering after finalising an agreement with a Chinese drug development business.

QBE Insurance Group has entered into an agreement to sell its Australian and New Zealand agency businesses to insurance broker Steadfast Group in late March.