Norwest Minerals Limited will soon begin drilling

Norwest Minerals Limited (ASX: NWM) announced that it has secured firm commitments for a capital raising of AU$2,522,000 through the placement of 97,000,000 new fully paid ordinary shares at an offer price of AU$0.026 per new share. Additionally, subject to shareholder approval, one free unlisted AU$0.07, the 3-year option will be attached for every two new shares subscribed for.

The funds will be used for three primary purposes: to undertake a 120-hole air-core drilling program to test multiple geochemical/geophysical anomalies across the large Malibu, Duck, and Tamba prospects, advance the company’s Bulgera Gold and Bali Copper projects, and for general working capital. The high demand from investors to participate in Norwest’s recent capital raising reflects the quality and prospectivity of the Malibu, Duck, and Tamba critical mineral drill targets.

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