Deals

FairStar Resources has cancelled its $260 million joint venture which would have provided 80 per cent of the required funding for its Steeple Hill iron ore mine in the eastern Goldfields, while at the same time announcing an alternative deal that will pay for the project's rail infrastructure.

Flinders Mines has announced plans to raise $14.3 million through a share placement and entitlement offer to fund a bankable feasibility study and further exploration on its Pilbara iron ore project.

Experienced insolvency practitioner Gary Anderson has agreed to merge his practice with Kim Wallman at HLB Mann Judd.

Welshpool-based contractor MACA has launched a $59 million capital raising and paid out a special dividend to shareholders on top of last week's interim dividend.

Silver Lake Resources will place its Murchison gold operations on care and maintenance later this year, saying the project is no longer sustainable at the current gold price.

Earthmoving and mining equipment supplier Emeco Holdings is looking to shore up its balance sheet in the wake of a $180 million half-year loss, announcing a plan to raise up to $US360 million throu

Troy Resources will tap the market for about $38 million through a placement and share purchase plan to fund development at its West Omai gold project in Guyana.

Saracen Mineral Holdings has taken advantage of a strong share price rally to launch a capital raising to fund its Thunderbox project acquisition and strengthen its balance sheet.

Mermaid Marine Australia has agreed to purchase the subsidiaries of Singapore-based marine services provider Jaya Holdings for $S625 million ($550 million), in an all-cash deal which represents one of the largest acquisitions by a Western Australian company in recent years.

Poseidon Nickel has signalled it no longer plans to pursue a major debt capital raising in the United States, appointing a new chairman to replace US-based Bud Scruggs.

Perth-founded technology business MOKO Social Media has announced it has raised $8 million through a share placement to further developments in the US.

Perth-based junior Mutiny Gold has launched plans to raise $4.1 million towards drilling at its Deflector copper-gold project in the Midwest, including a $1.5 million share placement to preferred mining contractor Ausdrill.

East coast engineering and contracting group Seymour Whyte Constructions is to enter the Western Australian market through the $41.2 million acquisition of privately owned business Rob Carr.

Western Areas is looking to raise $104 million to reduce debt and provide greater financial flexibility after a positive half-year report which saw the nickel miner turn a big loss to a modest $2.7 million net profit.

Oil and gas explorer Oilex has raised $6.8 million to fund development and drilling at its Cambay oilfield in India's Cambay Basin.

Sirius Resources has taken full ownership of its highly-rated Nova-Bollinger nickel deposit, buying out major shareholder Mark Creasy's 30 per cent stake for a stock and cash package worth nearly $

Gold miner Doray Minerals plans to accelerate drill testing of near-mine exploration targets at its Andy Well gold project in the Murchison region following a $17 million capital raising.

Agribusiness Ruralco Holdings has agreed to buy Perth-founded water management retailer Total Eden Holdings for $57.4 million from Anchorage Capital Partners.

Woodside Petroleum is set to take a 25 per cent stake in the Leviathan gas project off the coast of Israel, under a conditional deal that involves up-front payments of $US1.2 billion.

The directors of US-focused Aurora Oil & Gas have recommended that shareholders accept a $1.84 billion takeover offer from Canadian oil company Baytex Energy.

West Perth-based junior Orinoco Gold will tap shareholders for up to $4 million as it works to progress its exploration projects in Brazil.

Struggling miner Reed Resources has agreed to sell its Comet Vale gold project to a private bidder for $2 million, about a third of the price offered by Crest Minerals in its terminated bid for the project last year.

Redstone Resources has raised $1.65 million to fund exploration of its 100 per cent owned Tollu copper project in the West Musgrave region of Western Australia.

West Perth-based copper junior Southern Hemisphere Mining has announced plans to raise up to $3.4 million through a share placement and entitlement issue.

Kibaran Resources has raised just over $1.1 million to fund drilling programs at its Mahenge graphite project in Tanzania.

Perth-based Independence Group will pay up to $6.5 million to earn-in to prospective base metal tenements held by Alchemy Resources in the northern Goldfields.

Large companies dominated the initial public offering market in 2013, with 96 per cent of all funds raised coming from companies with a market capitalisation of more than $100 million.

Struggling contractor Forge Group has forecast a loss of up to $25 million for the 2014 financial year, slashing its earnings guidance on the back of cost blow-outs at several projects.

Poseidon Nickel has suspended its shares from trading on the ASX as it works to secure funding to support the construction of its Windarra project.

There is some excitement about the potential sale of state-owned assets.

US-based multinational Rollins Inc. has announced an agreement to acquire the assets and operations of Welshpool-based pest control company Allpest WA.

Northern Star Resources looks set to emerge as the fifth biggest gold mine operator in Western Australia following its $75 million acquisition of Barrick Gold's majority stake in the East Kundana joint venture and the Kanowna Belle mine.