Thursday, March 1, 2012

Junior acquisitions, appointments, financing roundup: Anfield, Golden Phoenix, Colossus, Red Eagle, Coro

Vancouver-based Anfield Nickel (TSX-V: ANF) closed its previously announced brokered and non-brokered private placements and issued 5.20mn common shares at Cdn$4.25 each for gross proceeds of Cdn$22.1mn (US$22.4mn), the firm reported in a release.

The brokered placement was completed under an agreement with Raymond James (NYSE: RJF) and a syndicate of agents including Canaccord Genuity and Salman Partners.

Net proceeds will be used to fund the ongoing exploration program at the Mayaníquel nickel project in northeastern Guatemala, to repay the amounts owed to Lumina Capital Limited Partnership under a current loan facility and for general corporate purposes.

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US-based Golden Phoenix Minerals (OTC.BB: GPXM) entered into a non-binding US$20mn term sheet with compatriot Maximilian Investors, the former said in a statement.
The term is for up to 24 months and the funding is expected to advance Golden Phoenix's exploration, development and production at properties in North, South and Central America.
Golden Phoenix can earn up to an 80% stake in the past producing Santa Rosa gold project in Panama.

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Toronto-based Colossus Minerals (TSX: CSI) began trading Thursday on the highest tier of the OTC market, OTCQX, under ticker symbol COLUF, the firm said in a statement.
Colossus controls 75% of the Serra Pelada gold-platinum-palladium project in Brazil's Pará state.

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Canada's Red Eagle Mining (TSX-V: RD, OTCQX: RDEMF) has appointed Michael Johnson as VP of exploration, the firm said in a statement.

Johnson has replaced Tim Petterson, who resigned in order to focus full time on his role as CEO of compatriot Black Eagle Mining but will remain on Red Eagle's board.
Red Eagle is currently drilling two properties in Colombia: Santa Rosa (20,000m) and Pavo Real (5,000m).

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Vancouver-based Coro Mining (TSX-V: COP) reached an agreement with compatriot Franco-Nevada (TSX, NYSE: FNV) to amend the terms of the purchase agreement under which the former can acquire a 100% interest in Minera San Jorge (MSJ), which in turn owns the San Jorge copper-gold project in Argentine province Mendoza.

Under the amended terms, Coro can acquire 100% of MSJ by making option payments of US$1.25mn/y for 10 years, payable quarterly, starting March 31 and can at any time prepay the outstanding amount with a one-time payment equal to the NPV of the future payments, using a 5% discount rate, the firm said in a statement.

In addition, Coro will pay a 7.5% NSR on all gold produced from the property, and the option payments are not payable when exceeded by the gold NSR payment for the period.

No other consideration, obligations, payments or royalties are required and Coro may withdraw from the agreement at any time by not making the payments due, the statement said.
Franco-Nevada acquired Lumina Royalty, the previous owner of MSJ, last December.

To read the full statement, go to this link