Navarre Minerals Raises $9.5m for Mt Carlton exploration
- Navarre Minerals (NML) is undertaking a $9.5 million equity raising, consisting of a $4.5 million placement and a $5 million share purchase plan (SPP)
- The company plans to use the funds to accelerate exploration at its Mt Carlton United deposit in QLD following recent positive drilling results
- Navarre expects to issue around 68.2 million new shares at a price of 6.6 cents each
- Following completion of the placement, Navarre will offer existing shareholders to participate in its non-underwritten SPP to raise up to an extra $5 million
- NML shares are down 15.2 per cent, trading at 6.7 cents as of 1:40 pm AEST
