Stavely raises funds for exploration

Junior Stavely Minerals will raise A$4.2-million through a share placement to fast-track exploration at its portfolio of gold and porphyry copper/gold projects in Victoria, Tasmania and Queensland.

The company will issue 12.3-million shares at a price of 26c to sophisticated and institutional investors to raise an initial A$3.2-million. Concurrently, Stavely will also place 7.7-million shares to Titeline Drilling as advance payment for A$2-million of drilling services to be completed over the next 12 months.