TORONTO (miningweekly.com) – Several miners this week successfully completed private placements to shore up their balance sheets in anticipation of pursuing their strategic corporate objectives.

Africa-focused project developer Ivanhoe Mines and China-based Zijin Mining Group on Monday closed an $85-million private placement, boosting the miner’s working capital and available funds for general corporate purposes and advancing the company’s three main projects.

Zijin acquired a 9.9% stake in Ivanhoe’s issued and outstanding common shares after it issued 76.8-million shares at C$1.36 apiece.

On Monday, Mexico-focused Alamos Gold also announced the closing of its nonbrokered private placement under which Alamos subscribed for about 27.9-million common shares of AuRico Gold, representing about 9.9% of AuRico's outstanding common shares. The common shares were acquired at a price of $2.99 apiece, equal to AuRico's closing price on the NYSE on April 10, for total gross proceeds to AuRico of about $83.3-million.

TSX- and NYSE-listed rivals Alamos Gold and AuRico Gold will create a new intermediate gold producer, having announced last week that they had entered into a definite agreement to merge their companies through a plan of arrangement.

The deal, valued at about $1.5-billion, would create a larger, diversified portfolio of assets located in stable jurisdictions, underpinned by two top-tier producing mines – Young-Davidson, in Ontario, Canada, and Mulatos, in Sonora, Mexico – as well as a significant pipeline of high-quality development projects.

Another Mexico-focused precious metals producer First Majestic Silver has closed a C$30-million bought deal private placement announced earlier this month, which was led by BMO Capital Markets.

The company issued 4.62-million common shares at a price of C$6.50 apiece.

On Wednesday, First Majestic noted that it intended to use the net proceeds of the offering for general working capital and ramp development at the La Guitarra silver mine, from the Coloso mine to the Nazareno area. The aims were to bringing Nazareno on line by year-end and advance the permitting and planning process to develop the Mina de Agua and El Rincon areas at La Guitarra.

The company also intended to start the planning process at the Plomosas silver project, in Sinaloa, in preparation for a future preliminary economic assessment.

Quebec-focused project developer Integra Gold also reported on Wednesday that it had closed the first tranche of bought deal private placement, including partially exercising an over-allotment option for gross proceeds of C$11.68-million.

Investors had shown strong support for the financing, prompting the company on Monday to lift the target amount from C$10-million to C$11.5-million.

Under the amended agreement a syndicate of underwriters bought for their own account or arranged for substituted purchasers to buy on a bought-deal private placement basis just under 18-million flow-through common shares and 20.49-million common shares of Integra for gross proceeds of C$11.7-million. The underwriters were co-led by Macquarie Capital Markets Canada and Paradigm Capital and included Beacon Securities, Cormark Securities, GMP Securities and Haywood Securities.

The second tranche of 4.2-million flow-through shares was expected to close on April 27 for gross proceeds of C$13.06-million.

The company would use the proceeds to fund qualified Canadian exploration expenditures at the company's Lamaque gold project, where it planned to undertake surface and underground exploration, as well as for general corporate purposes.

On Thursday, TSX- and ASX-listed Bannerman Resources advised that it had completed a A$2-million capital raising through a share purchase plan (SPP) and subsequent shortfall placements.

The SPP and shortfall placements were conducted at an issue price of A$0.052 (C$0.049) and would result in Bannerman issuing 38.46-million fully paid ordinary shares in the company. The funds would be used to operate the recently constructed Etango uranium project heap-leach demonstration plant and for general working capital purposes.