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Stocks of the Hour: DroneShield, Sayona Mining, Pentanet, Metro Mining

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DroneShield (ASX:DRO) has successfully completed its Share Purchase Plan (SPP) after raising $29.4 million from its existing shareholders at an issue price of $0.30 per share. In response, Oleg Vornik, DroneShield’s CEO, commented, “The funds will allow us to take advantage of the highly favourable environment for defence and specifically customer demand for counterdrone solutions, as we target 2023 to be a transformative year for DroneShield.” Shares are trading 9.3 per cent lower at 34 cents.

Emerging lithium producer Sayona Mining Limited (ASX:SYA) has entered into a subscription agreement with PearTree Securities Inc, for a A$54.9 million flow through shares (FTS) placement to advance Sayona’s Québec lithium projects. The FTS represents a 34% premium to Sayona’s last closing price. Under the structure, accredited Canadian investors can get tax deductions and credits generated for specified mining investments. Sayona’s Managing Director, Brett Lynch commented: “This funding will provide an added boost to our expansion plans, with the FTS provisions allowing us to raise capital at a premium to the current share price, thereby minimising dilution for the benefit of our shareholders.” Shares are trading 3.19 per cent higher at 24.25 cents.

Pentanet Limited (ASX:5GG) announced the signing of a Collaboration Agreement with Optus Mobile to deliver cloud gaming service to Optus customers. Optus Managing Director of Marketing and Revenue Matt Williams: “Our mission is to break down the barriers to gaming and offer our customers the freedom to play anywhere and anytime. Shares are trading 54.6 per cent higher at 25.5 cents.

Metro Mining Limited (ASX:MMI) announces it is remobilising the production and services team back to site from next week and has announced a MOU for additional offtake. The target for mining start is 24 March with ship-loading due to commence on 2 April, one or two weeks earlier than normal, whilst the Company has agreed offtake agreements for up to 5 Million tonnes for 2023. Shares are trading 6.25 per cent higher at 0.85 cents.
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Source: Finance News Network