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Tolga Kumova-backed Alderan Resources raising $4m

Anthony Macdonald and Yolanda Redrup

Tolga Kumova-backed copper explorer Alderan Resources is on the street raising $4 million to support the commencement of a drilling program at its Detroit site.

Canaccord Genuity was appointed as joint lead manager for the offer.

Copper explorer Alderan Resources is raising capital. Bloomberg

Priced at 4¢ per share, the offer comes at a 22.7 per cent discount to Alderan’s last trading price. Bids are due by 10am on Friday.

The explorer, which also looks for zinc, gold, lead and silver, has various projects in the US state of Utah. Its primary asset, the Detroit Project, is based 175km southeast of Salt Lake City.

Dealmaker and mining executive, Kumova owns almost 20 per cent of the business.

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Other major shareholders include Belgrave Capital Management, Christopher Wanless, Petar Jurkovic and Nicolaus Heinen.

Kumova has been making headlines of late thanks to his defamation case against Alan Davison - better known as Stock Swami.

The pair are expected to head into m ediation next month.

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Anthony Macdonald co-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
Yolanda Redrup is an award-winning journalist who writes on technology and healthcare from our Melbourne newsroom. Connect with Yolanda on Twitter. Email Yolanda at yolanda.redrup@afr.com.au
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