Victoria-focused gold explorer Navarre Minerals (ASX:NML) has raised the maximum $6 million it was targeting in its recent capital raising, which has facilitated the early close of the public offer.
The junior explorer actually received applications for $9 million worth of shares for the public offer, while over 300 existing shareholders participated in the priority offer.
Navarre was aiming to raise $4 million under the priority offer and a further $2 million under the public offer, with both priced at $0.10 per share.
Chairman James Gurry says closing the raising with the maximum sum, and early, means the team can now immediately proceed with confidence to implement its exploration plan.
The company is gearing up for a 12-month continuous drilling campaign, set to begin in the coming weeks following shareholder approval.
“We are pleased investors have recognised the value in our advanced stage gold exploration portfolio across Victoria, including the JORC resource within the Stawell Corridor and the recently drilled Tandarra Gold Project JV,” he says.
As part of the recapitalisation, Navarre welcomed privately held Dunkeld Pastoral as an early cornerstone investor, which committed to invest at least $1 million by acquiring $500,000 worth of shares and providing convertible debt worth $500,000.
Harbury Advisors and Canary Capital acted as joint lead managers to the capital raise and both firms supported the company to secure the initial capital earlier in the year to fund it out of administration
Navarre is now preparing to resume trading on the ASX subject to the successful passing of resolutions at the annual general meeting (AGM) scheduled for 1 November, and approvals by the ASX.
“We would like to thank in particular existing shareholders for their patience and resilience,” Gurry says.
“It is not easy to look beyond the past and invest in a company on the rebound such as ours.
“However the new team have worked hard to reset the company and position it to benefit from the current strength in the gold price and the excellent portfolio of Victorian gold projects.”
Assuming approvals are received at the upcoming AGM, new shares are expected to be issued on or around 8 November which will satisfy all the conditions precedent requested by the ASX for resumption of trading of securities.
Navarre is presenting at the Noosa Mining Conference running from 13 to 15 November at Peppers Noosa Resort on the top end of Queensland’s Sunshine Coast.
Gurry told Mining.com.au this week that Navarre will be discussing its drilling progress under the new exploration plan funded by the recent capital raise.
“NML shares are due to trade on the ASX for the first time in over a year under a new team, new capital structure, reset valuation with existing set of high grade gold projects in Victoria well known by the market,” he told this news service.
“So we should have plenty of updates (assay results) for our investors from Q1 2025, which should in the medium term lead to an update to our existing JORC resource and exploration target, as well as maiden resource numbers for our other key projects.”
Mining.com.au is a media partner at the November Noosa Mining Conference. Click here to register.
Write to Angela East at Mining.com.au
Images: Navarre Minerals
