Stavely Minerals Ltd. plans to raise up to A$8.3 million through a share placement and a share purchase plan as it looks to accelerate the exploration of its portfolio of gold and porphyry copper-gold projects in western Victoria and Queensland, the company announced in a Feb. 1 statement.
The company plans to issue 20 million shares at a price of 34 cents each in its share placement, which will amount up to a total of A$6.8 million. The shares will be offered to "sophisticated and institutional investors." A 1.4% discount to the 15-day Volume Weighted Average Price will be given on the placement.
Settlement of the placement will take place on Feb. 7, while allotment will take place on Feb. 8. The placement is substantially oversubscribed, the company noted.
Stavely Minerals will also raise another A$1.5 million through a share purchase plan, selling a total of 4.4 million shares. The shareholders of the company will be able to purchase shares worth up to A$15,000 for 34 cents per share.
The opening date for the share purchase plan will be Feb. 7 and closing will be on Feb. 19, and issuance will be on Feb. 23.
