West Australian mining identity Michael Kiernan's Monarch Gold is attempting to raise $13.4 million through a share rights issue. Here's hoping it goes better than Monarch's last capital raising just a month ago. The goldminer had aimed for $25 million but settled for $10 million - and about one-quarter of that funding came from Kiernan's iron ore play, Territory Resources.
Kiernan does have a back-up plan in case not everyone takes up their rights - and true to form, he's keeping it in the family. His son, Laurence James Kiernan, will be the lead manager of the shortfall offer, receiving 1 per cent of all funds raised.
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