Junior gold, copper, and graphite explorer Battery Minerals (ASX:BAT) has locked in a $500,000 cash boost through the support of major shareholder Farjoy.
The company reports its planned share purchase plan is now underwritten by wealth manager Morgans Corporate and sub-underwritten by Farjoy — all but guaranteeing Battery Minerals can pocket the extra cash to fund gold exploration at its flagship Stavely-Stawell Gold-Copper Project in Western Victoria.
Battery Minerals will pay Morgans an underwriting fee of 6% of the funds raised under the share purchase plan.
The share purchase plan follows a $1.55 million placement launched by Battery on 14 April 2023. Under the placement. Battery Minerals put 407.5 million new shares on offer to private investors at $0.0038 per share.
Additionally, company directors plan to take part in the raise to the tune of $80,000, but this remains subject to shareholder approval.
With the funds now on the way, Battery Minerals has a diamond drill rig lined up to start spinning in the Stavely area next week.
With the funds now on the way, Battery Minerals has a diamond drill rig lined up to start spinning in the Stavely area next week
The company plans to test ‘high-quality’ gold targets in the area, including the Cox’s Find target, which is a ‘strong’ induced polarisation (IP) chargeability anomaly beneath disseminated sulphide-associated gold anomalism.
Battery Minerals says it currently has $10 million in cash and listed investments, not including the $580,000 boost from the share purchase plan and director portion capital raise. This cash position has been bolstered by a share price rise of Tirupati Graphite (LSE:TGR), in which Battery Minerals holds a major interest.
Battery Minerals is an ASX-listed explorer focussed primarily on its Stavely-Stawell Gold-Copper Project in Victoria. Alongside Stavely-Stawell, the company owns the Azura project in WA’s Kimberley region and two ‘world-class’ graphite projects, Montepuez and Balama Central, in Mozambique.
