- Norwest Minerals (NWM) launches a one-for-four non-renounceable entitlement offer to raise $2.2 million
- The company plans to use the funds to advance drilling exploration work at its Arunta West rare earth element and Bali copper-gold projects in WA
- NWM will issue new shares under the offer at four cents, and investors will get one free option for every two shares, exercisable at seven cents in five years
- Norwest CEO Charles Schaus says the company is planning to kick off drilling at Arunta West in April and at Bali around May or June
- Norwest Minerals shares are up 5.41 per cent to 3.9 cents at 10:19 am AEDT
Junior explorer Norwest Minerals (NWM) has launched a one-for-four non-renounceable entitlement offer to raise $2.2 million.
The company will use the funds to advance drilling exploration work at its Arunta West rare earth element (REE) and Bali copper-gold projects in Western Australia.
Under the entitlement offer, eligible shareholders can subscribe for one new share for every four shares held at a price of $0.04 per new share. Investors will receive one free attaching option for every two new shares applied for, exercisable at seven cents in five years.
Concurrently, Norwest Minerals has entered into an agreement with two directors for the provision of loans totalling $250,000.
Norwest Charles Schaus said the cash boost would help the company fast-track drilling at its WA projects.
“Drilling of the Arunta West REE discovery is scheduled to commence in April followed by the Bali copper-gold drilling in May-June,” Mr Schaus said.
At Arunta West, significant REE mineralisation hosted in the sediments has been identified. Norwest plans to complete a 22-hole follow-up drill program in the area.
At the Bali project, Norwest has identified seven copper-gold-bearing quartz veins in the Deep South prospect area. The veins are associated with near vertical dipping, laterally extensive, narrow shears zones.
Norwest Minerals shares were up 5.41 per cent to 3.9 cents at 10:19 am AEDT.