North Stawell Minerals (ASX:NSM) Announces $3.6M Capital Raising
Capital Raising Overview
North Stawell Minerals Ltd (ASX:NSM) announced a placement and entitlement offer aimed at raising up to $3.6 million. The placement will raise approximately $1.5 million initially, with an additional $2.16 million expected from the entitlement offer. The offer price is set at $0.03 per share, representing a discount to the recent closing price.
Use of Proceeds
The funds from the capital raising will be utilized to advance the exploration program at the Darlington target, continue the review and progression of the Wildwood project, and support general working capital needs. This injection of capital is expected to enhance NSM’s exploration capabilities and drive forward its project pipeline.
Exploration Updates
NSM reported significant drilling results at the Darlington target, including a high-grade intercept of 2.3 meters at 29.2 g/t Au in drillhole NSD057. Additionally, ongoing collaborations with CSIRO aim to refine mineral system models, enhancing the targeting of gold mineralisation within NSM’s tenement portfolio.
Future Work Program
The proposed work program for 2025 focuses on follow-up drilling at Darlington, exploration of satellite deposits at Wildwood, and the application of advanced geophysical and geochemical techniques to identify new targets along the 60km Stawell Mineralised Corridor.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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