Navarre Minerals’ $2 million Share Purchase Plan (SPP) closed oversubscribed last Friday, receiving applications totalling approximately $4.9 million.

The capital, in addition to the recent $10 million Share Placement for sophisticated investors, will be used to accelerate growing the maiden mineral resource in the Stawell Corridor, seeking a maiden mineral resource at St. Arnaud, and advancing a high-potential deposit at the Morning Bill prospect in Glenlyle.

Under the SPP, each Eligible Shareholder was entitled to subscribe for up to A$30,000 of new fully paid ordinary shares (SPP Shares) in the Company at the Issue Price of A$0.10per SPP Share, subject to scale back. Each valid application was granted by the Board of Directors at their discretion.

This gives Navarre an ample opportunity to move into gold production. Managing Director Ian Holland said “We are delighted with the overwhelming interest we received from our shareholders wishing to participate in the SPP and thank them for their continued support.”

Read the full announcement here: Navarre raises $4.9M in strongly supported SPP