PERTH (miningweekly.com) – Gold explorer Navarra Minerals has received binding commitments to raise A$8-million through the placement of 64-million shares.
The shares will be issued at a price of 12.5c each to institutional and sophisticated investors as a single tranche under the company’s existing placement capacity.
Proceeds from the placement will be used to strengthen Navarra’s working capital position and would enable the company to intensify exploration drilling to advance key gold projects in Victoria.
“We are delighted with the strong support for our capital raise on the back of renewed enthusiasm for investment in the Victorian minerals fields. Navarra is now well funded with approximately A$13-million cash to be deployed to accelerate drilling at the Stawell Corridor gold project and at our recently acquired Jubilee gold project,” said MD Geoff McDermott.
“The remainder of 2020 will be exciting for Navarra shareholders as we continue to drill through the winter months with the objective of delineating a maiden Joint Ore Reserves Committee-compliant mineral resource at Resolution Lode.”
A maiden resource is targeted for the first quarter of 2021.