Junior financing, M&A roundup: Anfield, Millrock, Hunt, Aberdeen

Vancouver's Anfield Nickel plans to conduct a non-brokered private placement of shares to raise gross proceeds of up to about Cdn$25mn (US$19.4mn), a press release said.

Proceeds will be used to pay amounts owing to Reinarda Mineração, a wholly owned subsidiary of Troy Resources, for the repayment of Anfield debt, including debt incurred as a result of its acquisition of Magellan Minerals, for costs associated with the completion of a feasibility study at its Coringa project in Brazil and for general working capital purposes.

The company also announced it had changed its name to Anfield Gold, effective May 11.

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Vancouver-based Millrock Resources closed a portion of a previously announced private placement of units for gross proceeds of Cdn$501,700, a statement said.

Proceeds will be used for exploration and development of its properties and for general corporate purposes. Millrock has properties in Sonora state, Mexico, and in Canada and the US.

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Argentina-focused Hunt Mining closed the purchase of the Martha mine, in Santa Cruz province, for US$1.2mn plus about US$400,000 in taxes paid at closing, with a further US$1.5mn due one year after the closing.

Washington-based Hunt plans to use the flotation mill and infrastructure it will acquire for mineral exploitation, according to a company statement.

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Toronto's Aberdeen International said in a release that its 50%-owned investee company, Potasio y Litio de Argentina (Plasa), which owns the Sal de los Angeles lithium brine project in the country, entered into a joint venture agreement with Salta Exploraciones (Sesa) for the development of a pilot production facility.

The pilot facility will be initially designed to produce about 2,5000t/y of lithium carbonate equivalent. Under the terms, Sesa must contribute an estimated US$6mn, and Plasa must contribute US$3.3mn over the next 12 months. The agreement is for 25 years.