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AUREKA LIMITED — Capital/Financing Update 2015
Apr 23, 2015
64352_rns_2015-04-23_68f7fa36-d6e2-47fc-b4ae-5d06b0eda2a8.pdf
Capital/Financing Update
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ASX Announcement
24 April 2015
Navarre Minerals Limited
Navarre raises additional $150,000 from ABN 66 125 140 105 placement of Entitlement Offer shortfall
ASX Code: NML
Corporate Details
Corporate Details Navarre Minerals Limited (ASX: NML) ( Navarre or the Company ) is pleased to announce the placement ( Placement ) of 5,000,000 shortfall shares ( Shortfall Issued capital: Shares ) from its 1 for 4 non-renounceable pro rata entitlement offer ( Entitlement 87.6M ordinary shares Offer ) to raise an additional $150,000. The Placement represents 55% of the total 2.3M unlisted options Entitlement Offer shortfall of approximately 9 million shares. Directors & Management: The Placement increases the total proceeds from the Company’s recent capital Kevin Wilson raising, comprising the Entitlement Offer and a placement to Crocodile Gold Corp., (Non-Executive Chairman) to a total of approximately $600,000 (before costs). Geoff McDermott (Managing Director) The Shortfall Shares will be issued at the Entitlement Offer price of $0.03 per share to professional and sophisticated investors, including major shareholder Crocodile John Dorward Gold Corp., which has subscribed for 2,000,000 Shortfall Shares. (Non-Executive Director) Colin Naylor Navarre Managing Director, Mr Geoff McDermott, said, “We are delighted that the (Non-Executive Director) shortfall placement will supplement the funding received from our recent capital raising, which enabled us to implement our plans for a drilling program at the Jane Nosworthy Grange prospect targeting potential large high-grade Stawell-like gold deposits. (Company Secretary) That program is now underway and we look forward to the results following Wessley Edgar conclusion of the drilling in approximately 3 to 4 weeks”. (Exploration Manager) An Appendix 3B and cleansing notice in respect of the Shortfall Shares will be lodged with ASX following allotment. Contact Details Geoff McDermott Managing Director – ENDS – Navarre Minerals Limited 40 – 44 Wimmera Street Stawell VIC 3380 Australia For further information, please visit www.navarre.com.au or contact: PO Box 385 Geoff McDermott Stawell VIC 3380 Managing Director Australia E: [email protected] T: +61 (0)3 5358 8625
Tel: +61 (0)3 5358 8625
Email: [email protected] Website: www.navarre.com.au
Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e [email protected] | w navarre.com.au
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About Navarre Minerals Limited:
Navarre Minerals Limited (ASX: NML) is an Australian-based resources company that is creating value from a portfolio of gold and copper projects in Victoria, Australia. Navarre’s aim is to discover and develop large low-cost copper and gold production through its exploration successes.
Navarre is searching for new long-life gold deposits in the partially covered extension of a corridor of rocks that host the Stawell (~5 million ounce) and Ararat (~1 million ounce) gold deposits. The Stawell Corridor Gold Projects’ Grange prospect is the Company’s prime focus for 2015, located 50km south of the operating Stawell Gold Mine which is owned by Navarre’s largest shareholder and leading Victorian gold producer, Crocodile Gold Corp.
The Company is also targeting large porphyry- copper, VMS and gold deposits. The Eclipse, Lexington, Pollockdale and Glenlyle prospects are the initial porphyry and/ or VMS targets identified within the Western Victoria Copper Project. The Project captures multiple, largely untested targets in 130km of western Victoria’s Miga Arc volcanics. The Miga Arc is similar in setting to the Andes in South America, host to the world’s largest known collection of porphyry copper deposits. Grassroots exploration of the Company’s extensive exploration permits is at an early stage and more than 50 new targets remain to be thoroughly drill tested.
At the high-grade Tandarra prospect within the North Bendigo Goldfield of central Victoria, exploration work is targeting the next generation of gold deposits under shallow cover 40kms north of the 22 million ounce Bendigo Goldfield. Under a farm-out agreement, Catalyst Metals Limited is earning a 51% equity interest in Tandarra by spending $3 million over four years by advancing the project towards mineral resource status.
Navarre has a highly experienced leadership team with 120 combined years of exploration, mining and finance industry experience with a proven track-record of discovery and project development.
Navarre Minerals Limited | ABN 66 125 140 105 40 - 44 Wimmera Street | PO Box 385 | Stawell VIC 3380 Australia t +61 3 5358 8625 e [email protected] | w navarre.com.au