Sundance Resources Limited (SDL) announced the completion of the first tranche of its $85 million placement. The company said almost 1.3 million shares were issued today, taking the total amount received under the first tranche of the placement to $47.5 million. Sundance said the second tranche of the placement would be completed upon shareholder approval being obtained at an Extraordinary General Meeting to be held on 9 December 2009. The company plans to use the proceeds of the placements to complete Definitive Feasibility Study of the Mbalam Project, to undertake drilling to define further High Grade mineralisation with a view to achieving up to 10 years of DSO-quality production and provide general working capital.
Uran Limited (URA) said exploration permits have been granted to allow drilling to commence at the Armijo and the F33 projects in Grants Ridge. The uranium explorer said aircore drilling at Armijo would commence this week, while reverse circulation drilling at F33 would commence in December or January.
IMX Resources Limited (IXR) said a shipping licence has been granted for the export of Cairn Hill magnetite ore through Port Adelaide. The minerals explorer said the grant means that all approvals and licences required for the mining and export of Cairn Hill ore have now been obtained. IMX said Phase I of the Cairn Hill magnetite – copper – gold development would involve direct shipment of ore to China, with first shipment of iron ore to potentially occur within four months of completion of appropriate financing. The company said its aim is to complete financing arrangements by the end of this year.
Tiger Resources Limited (TGS) said it has completed the acquisition of the outstanding 15% interest in Tiger Congo sprl from Groupe Orgaman for US$3 million. The copper focused miner said the acquisition is a significant step forward in consolidating the company’s interest in the Kipoi Project and simplifying the ownership structure. The final payment required in order to complete the Tiger Resources’ acquisition of its interest in the Kipoi Project is the payment of US$12 million to the project vendors by May 2010.
Neptune Marine Services Limited (NMS) announced that it has completed the acquisition of Aberdeen based Submersible Technology Services (Holdings) Limited (“STS”). Neptune said it acquired 100% of the issued capital of the provider of remotely operated vehicle and survey support services to the offshore oil and gas industry for about $29.1 million with added conditional consideration based on STS’s EBITDA performance for the calendar year 2009.
WorleyParsons Limited (WOR) subsidiary Worley Parsons Canada Ltd said that its construction services division, Cord WorleyParsons Ltd, had been awarded a C$74.4 million ($76 million) contract by Canadian energy and oil sands company, Suncor Energy. The contract is for the construction of the Firebag 3 well pads near Fort McMurray in Alberta and is due for completion in the fourth quarter of 2010.
