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Navarre raises cash to hunt for Victorian gold

26th May 2021

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – ASX-listed Navarre Minerals will raise A$10-million to accelerate resource growth at its gold projects in Victoria.

The company on Wednesday reported that it would place 100-million shares, at a price of 10c each to institutional and professional investors under the company’s existing placement capacity.

A further A$2-million capital raise is targeted through a share purchase plan (SPP), which will also be priced at 10c a share. The SPP will open on June 3 and close on June 18.

Navarre told shareholders that the 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.

“We are delighted with the strong support for our capital raise, which is a vote of confidence in the quality of our people, our assets and our strategy,” said MD Ian Holland.

“Navarre is now well-funded to execute on our drilling plans and create value for our shareholders.

“The remainder of 2021 will be exciting for Navarre’s shareholders as we focus our efforts on growing the company’s resource inventory and fast-tracking our path to gold production.”

Edited by Creamer Media Reporter

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