ABN Newswire Stocks to Watch: February 24, 2010
Texon Petroleum Limited (ASX:TXN) has mandated the Commonwealth Bank of Australia (the "CBA") through its wholly owned subsidiary Texoz E&P II, Inc. to explore financing options to develop the Company's Leighton field over the next several months. The terms of the mandate include the issue of 300,000 Texon Petroleum Ltd unlisted options to CBA, exercisable over three years from issuance with a strike price of $A0.26/share.
Republic Gold Limited (ASX:RAU) has appointed the New York-based investment bankers CPM to advise on and coordinate the raising of project debt for the development and construction of the Amayapampa Gold Project and to provide working capital finance. CPM Group will be working with the Company's long-term financial advisors CCP, who are coordinating the raising of equity capital for the Project. The Company will continue to explore both the Australian and North American capital markets, with the latter showing a keen interest in Amayapampa.
Galaxy Resources (ASX:GXY) intends to add value to the Mt Cattlin Project by establishing its own downstream lithium processing facilities in Jiangsu Province, China. Team Trev Director Andrew Dickson said Galaxy Resources is a great fit for Team Trev. "Lithium is an essential ingredient in many battery technologies, including the lithium ion batteries favoured by electric cars including Trev. Many future electric cars will be powered by batteries containing Australian lithium mined and processed by Galaxy Resources."
West Australian resources developer Stirling Resources (ASX:SRE) advises it is completing funding and documentation arrangements for the A$15m recapitalisation of Monarch Gold with formal settlement to occur later this week. Settlement date for the transaction is set for 26th February 2010 and on completion Stirling will own and control 35% of Swan Gold Mining Limited (the renamed Monarch Gold company).
Texon Petroleum Ltd
Stirling Resources Limited
Republic Gold Limited
Pan Asia Corporation Limited
Galaxy Resources Limited