PERTH (miningweekly.com) – ASX-listed junior Stavely Minerals will raise up to A$3.5-million through a share placement and share purchase plan (SPP) to fund exploration on its Western Victoria and Queensland assets.
The company will place 13.33-million shares, at 15c each, to sophisticated and institutional investors, to raise an initial A$2-million.
In addition, the company will undertake an SPP, also priced at 15c a share, to raise a further A$1.5-million. The SPP will allow existing shareholders to participate in the capital raise.
Eligible shareholders will be able to acquire up to A$15 000 worth of shares, with the total number of shares capped at 10-million.
The funds raised will be used to accelerate drilling programmes in Queensland, targeting breccia-hosted gold mineralisation and in Western Victoria, targeting porphyry copper-gold mineralisation.
Edited by: Creamer Media Reporter
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