Junior M&A, financing roundup: TNR, ILC, Li3, Samaranta, Capital Gold Mining Resources

Vancouverite TNR Gold (TSX-V: TNR) and wholly owned subsidiary International Lithium (ILC) jointly announced that the shares of the latter will begin trading on the TSX-V under ticker symbol ILC effective at market opening on May 24. Earlier this month, the TSX-V approved the plan of arrangement involving the spin-out of TNR's lithium and rare earth metals properties into ILC. A minimum financing of Cdn$2.5mn (US$2.55mn) was initiated to provide ILC with sufficient funds to satisfy TSX-V listing requirements. Due to the increased level of demand, 12.2mn units were sold at Cdn$0.25 each for gross proceeds of Cdn$3.06mn, representing an over-subscription of 2.24mn units. At listing, ILC will have 65.9mn common shares issued and outstanding, the companies said. ILC's most advanced property is the Mariana lithium brine project in Argentina. ILC will begin preparations for a phase one drilling program shortly after listing. *** Lima-based Li3 Energy (OTC.BB: LIEG) has closed the previously announced acquisition of 60% of a group of six private companies that collectively own the 1,438ha Maricunga lithium project in northern Chile, the firm said in a statement. "We plan to start our work program expenditures as soon as possible and have already started several tender processes for the camp and drilling programs," CEO Luis Saenz said. With the acquisition and initial exploration funding complete, and the recently announced MOU with South Korean Posco (NYSE: PKX) to explore a strategic relationship, Li3 will now enter the feasibility phase on Maricunga and begin the initial US$3.8mn work development program on the project, the statement said. Li3 has completed a total US$8.9mn financing, including a US$6.4mn private placement to fund the acquisition and initial work program. The company paid US$6.38mn in cash and issued nearly 128mn restricted common shares to the sellers and their agents in exchange for the 60% interest. In addition, three nominees of the sellers will join Li3's board. *** Vancouver-based Samaranta Mining (SMC) has completed the merger with compatriot Legion Resources. Effective May 20, the new Samaranta Mining began trading on the TSX-V under ticker symbol SAX, the firm said in a statement. Legion shareholders received one share of the new company for every four Legion shares held, and SMC shareholders received one share of the new company for every 6.5 SMC shares held. SMC also completed a financing of 10mn units at Cdn$0.35 each for proceeds of Cdn$3.50mn. Volkmar Hable has been appointed CEO and Sharon Muzzin has been named CFO. SMC's principal project is the Guadalupe gold property in Colombia. *** Miami-based Capital Gold Mining Resources has acquired the rights to the San Rafael and La Fortuna gold mines in Colombia, the firm said in a statement. "We are thrilled to announce the final securing of both properties and details of the exploration program will be announced in the very near future," CEO Charles Gilmore said.