North Stawell eyes $2 million boost

North Stawell Minerals (ASX:NSM) has launched a one-for-3 entitlement offer to raise up to $2 million to fund exploration drilling and strategic growth opportunities across its assets. 

Up to $1 million will be put towards exploration drilling programs across North Stawell’s assets, while the remaining $1 million will be put towards strategic growth opportunities, general working capital, and the costs of the offer. 

The $9.85 million market capitalisation company is offering shares under the capital raise at $0.05 per share. 

North Stawell’s major shareholders, Leviathan Resources and Arete Partners, have committed to taking up 100% of their respective entitlements under the offer, representing $790,000. 

Independent advisory firm Henslow has been appointed as lead manager to the entitlement offer. 

North Stawell notes the price represents a 31.5% discount to its last closing price of $0.073 per share and 25.7% discount to its theoretical ex-rights price (TERP) of $0.067 per share.

Eligible shareholders will be able to participate in the entitlement offer from 7.00pm AEST on 6 December.

North Stawell Minerals is an ASX-listed gold-focused explorer with tenements totalling 504km-square along the trend of the 5 million ounce gold deposit at Stawell, Victoria.

Write to Aaliyah Rogan at Mining.com.au    

Images: North Stawell Minerals
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.