Navarre Minerals Limited (ASX: NML) announced that it is raising AU$4.5 million through the placement and up to an additional A$5 million through a non-underwritten share purchase plan. Under the placement, the company will issue 68.2 million new shares at an issue price of A$0.066 to institutional and sophisticated investors.
The fund raise via the placement and share purchase plan will help the company to accelerate the exploration program at Mt Carlton after receiving the positive drilling results that confirm the potential for additional reserve and resource growth.
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