- Mineral exploration company Stavely Minerals (SVY) receives binding commitments to raise $4 million via a share placement
- The funds will be raised through the issue of around 26.7 million shares at a price of 15 cents – a 25 per cent discount to SVY’s last trading price of 20 cents on July 4
- The company will also be undertaking a share purchase plan (SPP) to raise a further $1.5 million with eligible shareholders able to subscribe for up to $30,000 worth of shares
- Stavely will use the money to fund the next phase of exploration and resource definition drilling at its namesake copper-gold project in Victoria
- Stavely shares are down 22.5 per cent and are trading at 15.5 cents at 11:36 am AEST
Mineral exploration company Stavely Minerals (SVY) has received binding commitments to raise $4 million via a share placement.
The funds will be raised through the issue of roughly 26.7 million shares at a price of 15 cents.
This price represents a 25 per cent discount to Stavely’s last trading price of 20 cents on July 4 and a 24.7 per cent discount to the five-day volume-weighted average price of 19.9 cents.
Shares are expected to settle on July 11 and be allocated on or around July 12.
Stavely will also be undertaking a share purchase plan (SPP) to raise a further $1.5 million and can accept oversubscriptions or scale back applications.
Eligible shareholders will be able to apply for up to $30,000 worth of shares which will be priced the same as the placement of 15 cents.
The SPP will open on July 13 and close on July 29 with shares to be issued on August 5.
Stavely will use the money from the placement and SPP to fund the next phase of exploration and resource definition drilling at its Stavely copper-gold project in Victoria.
“The funds raised from the Placement and SPP will enable Stavely to continue to invest a significant proportion of funds in the ground,” Executive Chairman and Managing Director Chris Cairns said.
“In the recent March Quarter, that proportion was 87 per cent of total expenditure. We look forward to putting our investors’ money to work.”
Shares in Stavely were down 22.5 per cent and were trading at 15.5 cents at 11:36 am AEST.