Join our daily newsletter At The Bell to receive exclusive market insights
- Stavely Minerals (SVY) raises $5.3 million in an oversubscribed share purchase plan (SPP) to fund exploration at its Stavely copper-gold project in Victoria
- The company originally aimed to raise $1.5 million but accepted all valid applications due to a large amount of demand
- A total of 35.33 million new shares will be issued at 15 cents each
- The money will add to the $4 million raised in the recently completed placement and will fund resource definition drilling at the Stavely project
- Shares in the company last traded at 15.5 cents on August 1
Stavely Minerals (SVY) has raised $5.3 million in an oversubscribed share purchase plan (SPP) to fund exploration at its Stavely copper-gold project in Victoria.
The company was originally aiming to raise $1.5 million but accepted all valid applications due to demand, marking a more than 250 percent increase above its target.
A total of 35.33 million new shares will be issued at 15 cents each, and will be issued on Friday August 5.
The money will add to the $4 million raised in the recently completed placement. This will be used to fund resource definition drilling at the Stavely project, with the goal of growing the Cayley Lode resource.
Executive Chair Chris Cairns said he was impressed by the amount of support received for the SPP.
“This will give us the financial capability to grow the Cayley Lode Resource and pursue the substantial potential we have identified both at depth and along strike, with multiple structures traced to a depth of 1150 metres,” Chris Cairns said.
“We are confident that the initial Mineral Resource Estimate published in June just represents the beginning of something much larger.”
Shares in the company last traded at 15.5 cents each on August 1.
