Capital Raisings Wrap: Five microcaps tap the market while one large cap rallies 15% intraday

A summary of companies that initiated capital raisings last week.

Capital raisings of interest 

It was a pretty quiet week for capital raisings, with just $245.2m raised or a measly $21.2m if you exclude Imdex.

Imdex: Massive post-raise reversal

Imdex shares experienced a massive intraday reversal after it resumed trading on Monday, 23 January. The stock fell as much as -7.9% to $2.24 in early trade before closing the session 6.1% higher at $2.58. That's a 15.2% rally from session lows!

Its worth noting that 3.67m shares traded hands that day or a 610% increase compared to 20-day average volume.

Interestingly, on Tuesday 24 January, the stock experienced a similar whipsaw session, down -6.2% in early trade but finishing down just -0.4%. The volume was also abnormally high at 4.17m shares.

Does this price action suggest a well-supported capital raising where investors are now bidding up the stock?

Source: TradingView

Gateway Mining: A closer look

Gateway Mining is a microcap gold explorer, operating the 1,000 km² Montague Gold Project in WA.

Montague currently has a Mineral Resource totalling 526,000 ounces of gold and the company believes this forms part of a "significant gold endowed system [with] large scale targets".

The $2.5m capital raising will go towards accelerating exploration at Montague, including a major project-wide structural and geochemical compilation, targeted studies and field work.

Interestingly, Gateway Directors committed a collective $210,260 in the raise, subject to shareholder approval.