Stavely Minerals has launched a $19.6 million capital raising to fund fast-tracked gold and copper-gold exploration in western Victoria, Tasmania and Queensland.
The funding will be made possible by a share placement of 19.6 million shares valued at $1 each to sophisticated and institutional clients of Morgans Corporate and Hartleys.
Morgans will be the lead manager to the placement and Hartleys will co-manage, with settlement of the placement scheduled for Thursday, October 17 and allotment occurring the following day.
Stavely executive chairperson Chris Cairns said the company was extremely pleased with the response from the investors and the level of support shown for its upcoming projects.
“Stavely Minerals is now very well-funded to accelerate our drilling at the exciting Thursday’s Gossan prospect, where we have enjoyed recently drilling success, and other regional targets in the company’s 100 per cent owned Stavely project,” Cairns said.
The shares issued under the placement will be delivered in one tranche and rank equally with existing Stavely shares.
Stavely is also offering up to $1.35 million in exploration tax credits to Australian shareholders who participate in its junior mineral exploration incentive scheme for 2020.
The credits can be used as a refundable tax offset, or franking credit for corporate shareholders, for 2020 tax returns, with the exact credit per share to be decided after June 30, 2020.