Horizon Gold has secured $5 million in funding from its major shareholder to progress a drilling program at the company's Gum Creek project in the Mid West.
Panoramic Resources has edged closer to the restart of its Savannah nickel mine in the East Kimberley after launching a $90 million capital raising, with Western Areas to emerge as a new strategic investor.
Panoramic Resources will receive an $8 million unsecured loan from major shareholder Zeta Resources to fund activities at the Savannah nickel mine in Western Australia.
Nickel miner Panoramic Resources has reported a 72 per cent take-up by shareholders for the retail component of its underwritten $32.7 million entitlement offer, helped by support from major shareholder Zeta Resources.
Panoramic Resources has formally rejected the takeover bid from Independence Group and confirmed it is seeking to raise $31 million to fund its operations, including the underperforming Savannah nickel mine.
Panoramic Resources has advised shareholders not to take action in respect of the off-market takeover offer launched last week by Independence Group, while also criticising some of the conditions attached to the offer.
Independence Group is planning to take advantage of nickel miner Panoramic Resources' operational issues and boardroom changes by launching a hostile scrip takeover bid.
Saracen Mineral Holdings has made an all-scrip takeover offer for Fremantle-based gold explorer Bligh Resources, as it seeks to increase the resource for its Thunderbox operations.
Peter Sullivan-led Zeta Resources is set to increase its position in Perth-based nickel company GME Resources to nearly 50 per cent following the acquisition of investment firm Axelrock for $50.1 million.
Bligh Resources has recommended shareholders vote in favour of an improved takeover offer by Zeta Resources, having previously backed an acquisition proposal by Saracen Mineral Holdings for its Bundarra gold project.
Investment group Zeta Resources has announced plans to make an all-cash takeover offer for gold-focused Bligh Resources, competing with Saracen Mineral Holdings which had agreed to buy the target's core asset in February.
Nickel miner Panoramic Resources has made a further 70 job cuts at its Savannah mine in the Kimberley, with the remaining workforce at the site to be made redundant in the coming months.
Local explorer Capricorn Metals has raised $12.6 million from investors to fund development work on its recently acquired Karlawinda gold project near Newman.
Western Areas and Panoramic Resources have announced plans to raise a combined $80.7 million from investors to continue work at their respective nickel operations in Western Australia.
Copper and gold explorer Stavely Minerals debuted on the ASX today in what was the first float by a Western Australia-based minerals play in more than a year.
SPECIAL REPORT: The past 12 months have been tough for WA's corporate finance professionals, but there is cautious optimism that 2014 will be a different story.
