PERTH (miningweekly.com) – ASX-listed Navarre Minerals will raise A$6-million through a share placement to fund exploration programmes at its Victorian gold projects.
The junior company on Monday said that it would place some 80-million fully paid shares, at a price of 7.5c each, to qualified institutional and sophisticated investors.
The shares will be placed under the company’s placement capacity, and will not require shareholder approval.
“We are delighted with the strong support for our capital raise on the back of renewed enthusiasm for investment in the Victorian goldfields, which are yielding exciting new discoveries, including our new high-grade gold finds within the Stawell gold corridor,” said Navarre MD Geoff McDermott.
He noted that with some A$8-million in cash now available for exploration, Navarre has never been more well placed to drive increased drilling activities across its project portfolio in order to unlock its potential.
“With drilling already under way at the Tandarra gold project, and the recommencement of drilling at our Stawell Corridor project next month, we eagerly await our next drilling results.”