North Stawell Minerals (ASX:NSM) is raising $2.1 million in a two-for-nine non-renounceable entitlement offer as a part of its $3.6 million equity raising to expedite exploration at Darlington and Lubeck Tip tenements.
With GBA Capital as the lead manager, the offer opened 20 June at a price of $0.03 per share, which the company expects to close on 11 July 2025 with shares to be issued 18 July.
The issue price represents a 6.25% discount to the closing price on 5 June, as well as a 4.4% discount to the theoretical ex-rights price (TERP) of $0.0314 and a 14.1% discount to the 15-day volume weighted average price (VWAP) of shares at $0.035.
Shareholders will be offered to subscribe for another two shares in the company per every nine held.
Shortfall between applications received and the number of shares proposed for issuing will allow eligible shareholders to apply for additional shares under the top-up facility.
As a greater part of a $3.6 million equity raising, the company is raising an additional $1.5 million from investors, with the settlement of funds due today for shares to be issued on 23 July.
Funds will be used to expedite exploration and drilling operations at its Darlington and Lubeck Tip tenements, while the company will continue to review and progress Wildwood and other prospects.
Located in the Stawell Corridor, 85% of the geology at these tenements is covered by Murray Basin sediments, which is unmineralised and offers an increased challenge for exploration.
The company believes these tenements to be similar to the Stawell Mine, holding “significant” potential for shallow gold mineralisation.
North Stawell Minerals is an Australian explorer focused on the development of its gold projects in western Victoria.
Write to Maddison Elliott at Mining.com.au
Images: North Stawell Minerals
