North Stawell Minerals (ASX:NSM) has completed a private placement raising $1 million to expedite exploration and drilling operations at its Darlington and Lubeck Tip gold tenements in Victoria.
The company allocated 33.33 million shares at $0.03 per share yesterday (23 June).
North Stawell, which has a market capitalisation of $8.75 million, says the allocation of the remaining shares to be issued under the placement is expected to be completed in due course, pending the clearance of placement proceeds.
As Mining.com.au previously reported, North Stawell announced it is raising $2.1 million in a two-for-nine non-renounceable entitlement offer, as part of a $3.6 million equity raising.
GBA Capital is acting as lead manager of the offering, which is expected to close on 11 July 2025.
The Lubeck Tip tenement is interpreted as a covered, structurally bounded basalt slice in the eastern Stawell Corridor. The target is 1.6km in length and interpreted to be truncated to the south by a northeast trending fault that trends towards a small interpreted intrusive, 500m to the east.
The Darlington tenement is an historic mining area, 6km northeast of Stawell at the southern end of the Darlington-Germania trend, that produced 2,364 ounces @ 18.2 grams per tonne of gold.
North Stawell Minerals is a gold explorer based in western Victoria, Australia. The company has consolidated 504km2 of tenements within the Stawell Corridor.
Write to Aaliyah Rogan at Mining.com.au
Images: North Stawell Minerals
