North Stawell Minerals (ASX:NSM) has raised $518,123, as part of a two-for-nine non-renounceable pro-rata entitlement offer at $0.03 per new share.
The funds will be used to conduct exploration programs at the Darlington Project in Victoria, as well as secondary projects. The funds will also be used to continue reviewing and progressing the Wildwood project and other key areas.
North Stawell’s directors have reserved the right, subject to the requirements, to place all or any other shares comprising the shortfall of the offer at their discretion within a three month period after the closing date of the offer.
The shortfall shares may be offered to one or more investors by way of a shortfall bookbuild by the lead manager GBA Capital.
As previously reported, the company extended the closing date of the offer by two weeks. North Stawell aimed to raise $2.1 million, as part of a broader $3.6 million equity raise to expedite the planned exploration activities.
North Stawell Minerals is an Australian gold explorer focused on discovering large-scale gold deposits in the Stawell Mineralised Corridor in Victoria.
Write to Aaliyah Rogan at Mining.com.au
Images: North Stawell Minerals
