North Stawell Minerals (ASX:NSM) is conducting a placement to raise $500,000, which CEO Campbell Olsen says will advance its long-term strategy.
Under the placement, shares will be issued at $0.03 per share, representing a 11.76% discount to the last closing price of $0.034 per share as of 28 November.
Amery Partners will act as lead manager to the placement.
The funds will be used for exploration and drilling programs at the Darlington and Caledonian projects, as well as secondary projects. The funds will also be used for general working capital.
Olsen adds that the placement strengthens the company’s position to deliver on its exploration program at Darlington where drilling returned 2.3m @ 29.2 grams per tonne gold from 108.2m, including 0.8m @ 82.3g/t gold from 108.2m.
“To cost and time effectively expand our understanding of this target, the company has commenced near-surface exploration techniques including diamond drilling and surface geochemistry,” he says.
“In 2026, we will further advance the program with aircore drilling and high-resolution geochemistry and additional diamond drilling guided by new and existing information.”
North Stawell Minerals is an Australian gold explorer focused on discovering gold deposits in Victoria.
Write to Aaliyah Rogan at Mining.com.au
Images: North Stawell
