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Junior financing, appointments, M&A roundup: Kimber, Agave, Condor, Indico

Bnamericas Published: Friday, October 04, 2013
Vancouver-based Kimber Resources (TSX: KBR) announced the closing of a previously reported private placement with Invecture group, consisting of the sale of 20mn common shares at Cdn$0.1 each for gross proceeds of Cdn$2mn (US$1.94mn). Proceeds of the placement will be used for working capital and general corporate purposes, a press release reads. Kimber owns mineral concessions covering more than 39,000ha in Mexico's Sierra Madre gold-silver belt, including the Monterde property. *** Vancouver's Agave Silver (TSX-V: AGV), formerly Cream Minerals, closed the first tranche of a non-brokered private placement by issuing 6mn units at Cdn$0.1 for gross proceeds of Cdn$600,000, the company said in a statement. Proceeds from the placement will be used for exploration and development of the company's mineral property portfolio and for general operating expenses. Agave owns the Nuevo Milenio gold-silver project in Mexico's Nayarit state. The company anticipates closing a second tranche of the private placement by mid-October. The company also announced the appointment of Ronald Lang as president and CEO, following the resignation of Michael O'Connor. *** Vancouver's Condor Resources (TSX-V: CN) has arranged a non-brokered private placement to raise gross proceeds of up to Cdn$500,000 that will consist of up to 10mn units at a price of Cdn$0.05 each. Net proceeds of the offering will be used for working capital, according to a statement. Additionally, the company announced the appointment of Lyle Davis as president of the company, in addition to his position as CEO. Condor is a mining exploration company with a portfolio of properties in Peru and Chile. *** Vancouver-based Indico Resources (TSX-V: IDI) announced in a release the extension of the closing date of the binding memorandum of understanding with Peruvian miner Minera María Reyna under which Indico will acquire an indirect 51% interest in the María Reyna copper-molybdenum porphyry project. The date for the closing is now set for January 31, 2014.

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