11/04/2019 - 13:20

Stavely to raise $4.2m

11/04/2019 - 13:20

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Copper and gold explorer Stavely Minerals has announced it is has raised $3.2 million via a share placement, and is looking to receive a further $1 million through a share purchase plan.

Stavely to raise $4.2m
Chris Cairns says the company is pleased with the response to the level of support shown for its projects.

Copper and gold explorer Stavely Minerals has announced it is has raised $3.2 million via a share placement, and is looking to receive a further $1 million through a share purchase plan.

The funds raised are set to fast-track exploration of its portfolio of gold and copper-gold projects in western Victoria, Tasmania and Queensland, and to complete the acquisition of the Beaconsfield gold processing facility in Tasmania.

Under the share placement, Nedlands-based Stavely will issue shares at 26 cents each, a 16.13 per cent discount to its previous closing price of 31 cents.

Morgans Corporate acted as lead manager to the placement.

Concurrently with the share placement, Stavely will issue approximately 7.7 million shares at 26 cents each to Titeline Drilling, as advance payment for $2 million of drilling services over the next 12 months.

In addition, Stavely will undertake a share purchase plan, also at 26 cents, to raise up to a further $1 million.

Stavely executive chairman Chris Cairns said the company was pleased with the response to the level of support shown for its projects.

“All of our projects have excellent potential, especially given the significant recent drill results generated by the copper-gold porphyry exploration drilling at Thursday’s Gossan and the high-grade gold potential of the historical Mathinna gold field in Tasmania,” he said.

Shares in Stavely were down 9.68 per cent at 12.40pmAEDT to trade at 28 cents each.

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