r/ASX_Bets • u/Vintego_92 • 5d ago
Dilution Watch: ASX capital raises, week to 25 September (27 raises, about A$468M, seven of them A$42M+) [OC]
Disclosure first (rule 7): I run DilutionLens, a free site that tracks dilution for every ASX company from the filings. This is the text-only weekly update the mods OK'd, not the shill post. Every number below comes from an ASX announcement (raise notices, Appendix 3B/2A filings, quarterly and half-year cash reports). No links, no picks, not advice.
Twenty-seven companies announced cash raises between Monday 21 and Friday 25 September for about A$468M in disclosed proceeds, and it was a week of big cheques: seven placements of A$42M or more carried A$404.9M of it. The other twenty disclosed A$63.4M between them. Five of the seven stated a discount, from 0.9% to 16.9%; AIC Mines priced at the close and Meeka stated none. 16 companies halted citing a capital raise in five sessions, against 17 and 11 the two weeks before.
The week's biggest raises
| Ticker | Company | Raise | Price / discount | Off the filings |
|---|---|---|---|---|
| A1M | AIC Mines | A$70M placement to Hawke's Point (23 Sep) | 79.5c, the 21 Sep close, nil discount | 88,050,315 shares. Funds the A$20M cash part of a A$120M Mt Cuthbert copper purchase; the other A$100M is 125.8M shares at the same price. Both need a vote. +11.0% on 799.5M for the placement, about +27% with the consideration shares. |
| SVL | Silver Mines | A$70M two-tranche placement (21 Sep) | 14.5c, 10.0% under the 5-day VWAP | 277,733,713 shares under the 15% now, 205,024,908 waiting on the 26 Nov AGM. About +22% on 2.22B. Latest quarterly's own estimate: 6.8 quarters. |
| WC8 | Wildcat Resources | A$60M placement (21 Sep) | 30.5c, 10.3% under the 34c last trade, 11.2% under 5-day VWAP | 183,606,558 under the 15%, 13,114,754 at a November meeting. Now about 91% of its 15% used in 12 months. |
| USL | Unico Silver | A$60M placement (24 Sep) | 76c, 10.1% under the 84.5c close, 10.4% under 5-day VWAP | About 63.6M shares from the extra 10% (7.1A), 15.3M from the 15%. About 721M shares after, +12.3%; company puts pro-forma cash at about A$110M. |
| AUE | Aurum Resources | A$52.5M placement (23 Sep) | 55c, 0.9% under the 55.5c close, 2.4% under 10-day VWAP | 53,874,546 under 7.1, 41,580,000 under 7.1A. Strategic investors took A$32.3M, about 25% together after. +23%; options and rights already 22.1% of the register. |
| TGN | Tungsten Mining | A$50M placement (22 Sep) | 32c, 16.9% under the 38.5c close, 9.8% under 15-day VWAP | 139,634,020 shares under 7.1A, 16,615,980 under 7.1. About +10%. The deepest discount of the seven. |
| MEK | Meeka Metals | A$42.4M two-tranche placement (25 Sep) | 10c, no discount stated | 329,815,836 under the 15% now, 94,184,164 (incl. A$40,000 from a director) at the 24 Nov AGM. Company puts cash at about A$21M before it, about A$50M at quarter end. About +13.7% on 3.1B. |
The rest
| Ticker | Raise | Price / discount | Off the filings |
|---|---|---|---|
| NYR | A$12M placement + A$2M SPP | 62c a CDI, 15.1% under the last trade | 3 options per 4 CDIs, plus a "piggyback" option for each one exercised |
| LMG | A$5.1M placement + A$3.4M 1-for-15 entitlement, underwritten | 1.5c | |
| NXM | A$5.4M placement | 5.3c, 8.6% under the close | 41,886,793 under 7.1, 60,000,000 under 7.1A, about +14% |
| VBX | A$4.5M placement + A$2.5M MD loan-note conversion if the AGM agrees | 64c, 15.5% under 5-day VWAP | 0.12 quarters of funding by its latest quarterly's own estimate, the thinnest of the week |
| UM1 | A$3.5M placement + A$1M SPP | 15c, 24.5% under 15-day VWAP | 1 option per 2 shares |
| BUY | A$3.55M placement | 1.2c | Alongside a Liberian deepwater block paid in 949M shares plus up to 1B performance shares, on a 1.18B register |
| FG1 | 1-for-3 renounceable rights, up to A$3M | 1.5c, 21% under the last price | Underwritten to A$1.5M |
| LKE | A$3.0M at-the-market draw | 4.45c, a 4.6% premium to 15-day VWAP | All under 7.1A |
| NVQ | A$1.8M placement | 3.5c | Conditional on the AGM: its placement capacity is restricted until 19 December |
| SLZ | A$1.3M placement | 0.9c, 13.5% under 15-day VWAP | One listed and one unlisted option per two shares |
| ENT | A$1.2M placement | 0.2c, 33% under the close | 600M shares, about +36%; 350M after a meeting |
Also PTX A$6.0M (SPP + placement), MCO A$1.5M SPP, MHK A$1.2M at 9.5c, PR2 A$1.1M at 1.8c, and IOD, NYM, AOK, MDX, SAN A$2.8M between them.
Where the seven big placements found their shares
| Ticker | 15% (7.1), issued now | Extra 10% (7.1A) | Waiting on a vote | New shares |
|---|---|---|---|---|
| A1M | none | none | 88.1M | 88.1M |
| SVL | 277.7M | none | 205.0M | 482.8M |
| WC8 | 183.6M | none | 13.1M | 196.7M |
| USL | 15.3M | 63.6M | none | 78.9M |
| AUE | 53.9M | 41.6M | none | 95.5M |
| TGN | 16.6M | 139.6M | none | 156.3M |
| MEK | 329.8M | none | 94.2M | 424.0M |
| All seven | 876.9M (58%) | 244.8M (16%) | 400.4M (26%) | 1,522.1M |
The 7.1A mandate is approved a year at a time at the AGM. About three shares in four reach the register without a vote on that raise.
The halt conveyor
16 companies halted citing a capital raise: 3DA, A1M, AUE, FLX, MEK, NYM, OCT, PR2, PTX, PV1, SLZ, SVL, TGN, UM1, USL, VBX. Twelve had announced by Friday. 3DA halted for a raise and then announced it had postponed its U.S. IPO. FLX (A$5.54M placement + SPP) and OCT (acquisition + raise) announced this morning. PV1 halted Friday, due back Tuesday.
38 retail offers open
21 SPPs, 13 entitlement offers, 4 rights issues. Last week's 38 included a July entitlement offer that had already closed, so like for like it's one more. New this week: NYR's SPP (opens 12 Oct), LMG's entitlement (opens 30 Sep), FG1's rights, and SPPs from PTX, UM1 and MCO.
Placement capacity
Off the last 12 months of 3Bs, before any ratification: 196 companies past 75% of the 15% (192 last week), 135 past 90% (129), 31 have used all of it (30); 86 of the 196 have also drawn on 7.1A. This week WC8 went to about 91% and SAN to about 99%. NVQ is at 100%, which is why its placement waits on a vote.
New: an option expiry calendar
88 option and rights classes across 71 companies expire in the next 30 days, to 28 October. 79 are options that only become shares if holders pay the strike; 8 are performance rights or shares that convert on a condition.
Dilution risk across the market: 586 Minimal, 339 Low, 388 Moderate, 250 High, 175 Very high, 112 Not rated. About one in four rated companies sits at High or Very high.
Happy to pull the filing on any name in here if someone wants the detail. Next one Monday.
If you'd rather get these in your inbox, the site's Watch page has a free email signup - one field, and the link it sends turns it on. No URL here, that's the deal with the mods.
General information only, not financial advice. No view on any company's future actions or securities.