Navarre increases SPP target
PERTH (miningweekly.com) – Junior Navarre Minerals on Tuesday announced plans to increase the scope of its planned A$2-million share purchase plan (SPP), following strong shareholder demand.
The company said in a statement that the SPP had been significantly oversubscribed, with applications of some A$4.9-million received.
Under the SPP, the company was offering entitled shareholders to subscribe for up to A$30 000 of new fully paid ordinary shares at a price of 10c each, as part of a greater capital raise announced in May this year, which also included a A$10-million share placement.
The company has taken the decision to accept the over-subscriptions to the SPP, and would now issue some 49-million SPP shares.
Funds raised would be used to accelerate diamond drilling targeting potential resource growth at the Stawell Corridor and a potential maiden mineral resource at the St Arnaud projects, Navarre previously said.
“We are delighted with the overwhelming interest we received from our shareholders wishing to participate in the SPP and thank them for their continued support,” said MD Ian Holland.
“To exceed our SPP target is a very strong signal that our shareholders have confidence in our business strategy and performance. The SPP, along with the placement, strengthens our balance sheet significantly to allow us to execute our plans to deliver on our strategy of becoming a gold producing business.”
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