Two more resource sector raisings out of Canaccord

It's a busy morning for small and microcap investors with an interest in natural resources.

Hot on the heels of Panoramic Resources and Rox Resources' equity raisings, Canaccord Genuity's equities desk has blasted terms for another two deals.

The broker was seeking to raise $8.4 million for metals explorer Kingston Resources and another $8 million for drilling and exploration at Silver Mines, according to terms sent to potential investors.

The Kingston offer was at 16¢ a share, which was a 13.5 per cent discount to the last close, and was to be done via a $6.4 million placement and $2 million share purchase plan.

Funds raised were for Kingston's pre-feasibility study, approvals and exploration at its Misima project, the term sheet said, which is in PNG.

Canaccord was calling for bids by 5pm Monday. The company had a $34.7 million market capitalisation prior to the raising.

Silver Mines' deal was an $8 million placement at 10¢ a share, which was a 20 per cent discount to the last close.

Proceeds were pegged for diamond drilling at its Bowdens Silver Project in NSW and exploration at its Barabolar and Tuena Projects.

Canaccord was seeking bids by 11am Tuesday. Silver Mines had a $110 million market capitalisation prior to the offer.

Both companies' shares went into trading halts on Monday morning.