Victor Rajasooriar

Struggling gold producer Eastern Goldfields has announced a $75 million recapitalisation deal and board overhaul led by private mining services company Adaman Resources.

Junior gold miner Echo Resources has appointed former Eastern Goldfields chief executive Victor Rajasooriar as its new leader, effective today, after former chief executive Simon Coxhell resigned in October.

Echo Resources has signed a letter of intent to award two mining contracts to MACA for its Yandal gold project near Leinster, while also announcing a $6.5 million capital raising backed by major shareholder Northern Star Resources.

Echo Resources has completed a $15 million share placement to fund its exploration strategy at the Yandal gold project.

Northern Star Resources has surpassed a 50 per cent stake in takeover target Echo Resources, and has moved swiftly to change the board of the gold junior.

Nickel miner Panoramic Resources has announced Victor Rajasooriar will commence as its new managing director and chief executive on November 11.

Independence Group is planning to take advantage of nickel miner Panoramic Resources’ operational issues and boardroom changes by launching a hostile scrip takeover bid.

Takeover target Panoramic Resources revealed today operational performance at its Savannah nickel project would be below previous forecasts over the next four months and that it would need to raise extra capital, with bidder Independence Group saying it would now review its offer.

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 will receive an $8 million unsecured loan from major shareholder Zeta Resources to fund activities at the Savannah nickel mine in Western Australia.

Panoramic Resources has announced the temporary closure of its Savannah nickel mine in the East Kimberley.

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 is selling a portion of its non-core metals project to a private entity in Dubai for $12 million.

Panoramic Resources has decided to reopen its Savannah nickel operation, after completing a 12-month review to de-risk and improve the project.

Perenti has started early works on the Savannah nickel mine in WA after finalising a four-year agreement with project owner Panoramic Resources.

Base metal miner Panoramic Resources has completed the bookbuild for a deeply discounted $40 million placement.

ASX-listed Siren Gold will raise $2.2 million in a bid to further fund exploration activities at several of its projects in New Zealand.

West Perth-based junior Siren Gold has appointed Ocean Partners USA as its marketing agent for all future gold-antimony concentrate sales from its New Zealand-based Reefton project.

West Perth-based Siren Gold will sell its wholly owned New Zealand-based subsidiary Reefton Resources for $20 million.

Junior explorer Siren Gold has received a timely boost at its Auld Creek project in New Zealand, following the release of an updated mineral resource estimate.

West Perth-based junior Siren Gold has announced that its managing director Victor Rajasooriar will depart the company a month from the end of his notice period.

Today’s board moves wrap includes Richard King, Vince Fayad, Kurt Laney, Stuart Brown, Erlyn Dawson, Winton Willesee, Anne Templeman-Jones and Victor Rajasooriar.