THE BOURSE WHISPERER: Stavely Minerals (ASX: SVY) is conducting a capital raising of $19.6 million by way of a share placement of 19.6 million shares at $1.00 per share.
Stavely Minerals said the raising would be used to fund accelerated gold and copper-gold exploration in western Victoria, Tasmania and Queensland, and for working capital purposes.
The raising comes quick on the heels of the company’s confirmation for its shallow high-grade copper-gold discovery at the Thursday’s Gossan prospect, part of the company’s 100 per cent-owned Stavely copper-gold project in Victoria.
Stavely Minerals executive chairman Chris Cairns said the company was extremely pleased with the response from investors to the capital raising and with the level of support shown for the company’s projects.
“Stavely Minerals is now very well-funded to accelerate our drilling at the exciting Thursday’s Gossan prospect – where we have enjoyed recent drilling success – and other regional targets in the company’s 100 per cent-owned Stavely project while also advancing our gold targets in Tasmania and Queensland,” Cairns said in the company’s announcement to the Australian Securities Exchange.