Stavely raises cash for Victorian exploration
PERTH (miningweekly.com) – Junior Stavely Minerals will raise A$4-million in a share placement to fund exploration and resource definition drilling at its copper/gold project in Western Victoria.
The ASX-listed company on Tuesday reported that it would place 26.7-million shares, at a price of 15c each, under its existing placement capacity.
The placement price represented a 25% discount to Stavely’s last closing price and a 24.7% discount to the company’s five-day volume weighted average share price.
In addition to the share placement, Stavely will also undertake a share purchase plan (SPP) to raise an additional A$1.5-million. The SPP will allow existing shareholders the opportunity to subscribe for up to A$30 000 of additional shares in the company, also at a price of 15c each.
“We are delighted with the support for the placement and welcome a number of new investors to the register,” said MD and executive chairperson Chris Cairns.
“We are pleased to also launch an SPP that will allow eligible shareholders, on the record date, to invest up to A$30 000 at the same price as the placement. While the company’s share price has been impacted by recent market conditions, a relatively modest capital raising has minimised the dilutive impact of the raise. The SPP extends an opportunity to all shareholders to participate at these prices.
“The funds raised from the placement and SPP will enable Stavely to continue to invest a significant proportion of funds in the ground. In the recent March quarter, that proportion was 87% of total expenditure. We look forward to putting our investor’s money to work,” said Cairns.
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