Stavely raises $20m to capitalise on golden run

Gold and copper hopeful Stavely Minerals has tapped investors for $19.6 million via a share placement, as it seeks to take advantage of its surging share price to advance its exploration projects.

The company is raised the funds at $1 per share, which is an 8 per cent discount to its previous close.

Morgans Financial acted as lead manager, with Hartleys as co-manager.

Stavely executive chairman Chris Cairns said the company was pleased with the response from investors to the capital raising.

Funds raised will accelerate drilling at its Thursday’s Gossan prospect in western Victoria, where it has enjoyed recent drilling success, and other targets in Victoria, Tasmania and Queensland.

On September 26, shares in Stavely Minerals soared 258 per cent to close at 86 cents each, after the Nedlands-based junior reported high-grade intercepts at a shallow depth at its Thursday’s Gossan gold-copper project.

Its share price continued the bullish momentum over the ensuing days, and has again risen sharply on news of the successful capital raising.

Stavely shares were up 26.9 per cent to trade at $1.37 each at 1.50pm AEST.

It was trading at 16 cents each on September 9.