- Junior explorer Navarre Minerals (NML) has entered a two-day trading halt as it prepares to launch a capital raising plan this week
- The company is yet to reveal how much it plans to raise, but details will be announced when the trading halt is lifted on Wednesday, May 26
- The capital raise was initially flagged back in mid-April as part of Navarre’s latest quarterly financial report
- Navarre had just under $5.7 million worth of cash in the bank at the end of March after tabling net cash outflows of $4.25 million over the March quarter
- Navarre said given its previous success in raising capital, it was confident it could raise enough funds to keep operating and hitting goals when needed
- Navarre’s core focus is its Stawell Corridor project in Victoria at which it has recently highlighted a maiden mineral resource of over 300,000 ounces of gold
- Shares in Navarre Minerals last traded for 12.5 cents each on Friday, May 21
Junior explorer Navarre Minerals (NML) has entered a two-day trading halt as it prepares to launch a capital raising plan this week.
The company called the trading halt this morning, with shares slated to stay frozen until Wednesday, May 26, unless Navarre announces further details of the raise before then.
At this stage, company management is yet to confirm exactly how much it plans to raise and for what it plans to use the funding boost.
The capital raise was initially flagged in mid-April as part of Navarre’s latest quarterly financial report, so it likely comes as no surprise to investors.
At the end of March, Navarre had just under $5.7 million worth of cash in the bank after tabling net cash outflows of $4.25 million over the March quarter.
At this rate of spending, this gave Navarre less than six months worth of available funding — not an unusual position for an exploration company, but enough for Navarre to highlight its intentions to raise funds when needed.
The company said given its history of successful capital raises, it is confident it will be able to attract enough money to keep operating and meet its key business objectives when needed.
Navarre’s core focus is its Stawell Corridor Gold Project in Victoria. The company has recently highlighted a maiden mineral resource of more than 300,000 ounces of gold at the project, though Navarre insists that this is just the beginning of the project’s potential.
The company is busy drilling at Stawell Corridor to enlarge the resource and upgrade exploration targets while extending the limits of known mineralisation.
Meanwhile, the company also owns full interests in the St Arnaud, Jubilee and Western Victoria projects, as well as a 49 per cent interest in the Tandarra project, all located in Victoria.
Shares in Navarre Minerals last traded for 12.5 cents each on Friday, May 21. The company has a $68 million market cap.