With heavy debts, small-scale copper miner Frontier Mining (AIM:FML) said it agreed to sell its Naimanjal licenses in Kazakhstan to Union Transnationale Miniere for $30 million to pay down debt. It didn’t specify how much debt it would pay off, but in its June 2013 financials, the latest available on its website, it listed about $58 million owing in loans. In 2013 it negotiated loan extensions.
Novacopper (NYSE, TSX: NCQ) ditched a $20 million financing that was in part to be led by RBC Capital Markets and Cormark Securities. Novacopper, which embarked on the now cancelled financing mid-February, said it would look at financing alternatives. Novacopper wasn’t clear on why it dropped the financing, but its shareprice has weakened in the past few weeks, perhaps lessening market appetite for new paper at the proposed price.
Moving the Brucejack gold project ahead, Pretium Resources (TSX, NYSE: PVG) said it hired James Currie as chief operating officer. Currie comes with notable mine-building credits. He was recently chief operating officer for New Gold leading construction of the New Afton gold mine in BC.
Fission Uranium (TSX: FCU) reported 30 metres of offscale scintillometer results on its latest drillcore from the Patterson Lake South uranium project in the Athabasca Basin. Fission ranked it the second strongest such result from the project. Offscale results have coincided with uber high-grade U3O8 mineralization at Patterson Lake South, an emerging uranium discovery.
In M&A news, explorers Heron Resources (ASX: HRR) and TriAusMin (ASX: TRO) said they agreed to merge. If the deal goes ahead Heron shareholders end up with about 70 percent of the combined company’s post-deal share count. For TriAusMin shareholders the Heron shares imply a 48-percent premium over TriAusMin’s shareprice in the past 30 days (volume weighted).
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