Scramble for funds intensifies

Improved equity markets and the likes of Cockatoo Coal and Bathurst Resources successfully raising a large proportion of their market capitalisations has sent another wave of companies rushing to pass the can around. Hillgrove Resources has been working to secure funds for its $98 million Kanmantoo project in South Australia. It’s understood JPMorgan sounded out institutional investors a fortnight ago for a convertible bond issue and the response was lukewarm.

However, fund managers found the idea of an equity raising more palatable, with the copper hopeful expected to tap the market for $65 million as early as this week.