NML - Navarre Minerals

[Dona Ferentes]

The Company provides the following information in relation to the request:
1. The trading halt is necessary to assist the Company in managing its continuous disclosure obligations as
the Company expects to make an announcement to the ASX in relation to the stated purpose above.

....could be good ... not a cap raise!!

 

[brerwallabi]

The Company provides the following information in relation to the request:
1. The trading halt is necessary to assist the Company in managing its continuous disclosure obligations as
the Company expects to make an announcement to the ASX in relation to the stated purpose above.

....could be good ... not a cap raise!!

They need help, maybe it’s a merge.

 

[brerwallabi]

Well and truely up the creek without a paddle.
Looks like EVN will pick up some pieces.

 

[Dona Ferentes]

Well and truely up the creek without a paddle.
Looks like EVN will pick up some pieces.

naughty corner for a month now.
Orderly process, etc...
.

 

[Dona Ferentes]

Well and truely up the creek without a paddle..

and has taken a full 12 months ....


Release from DOCA
...Navarre returns as Victorian gold explorer
.
Successful $1.7m Stage 1 Capital Raise
The first stage to recapitalise the Company has been completed via an approximate $1.7m convertible debt issuance to sophisticated and professional investors. The key terms of the convertible debt are detailed in annexure 2 including a 12 month term, coupon of 15% p.a., general security (excluding director convertible debt) over the Company and its assets and mandatory conversion into shares at a subsequent capital raise prior to resumption of ASX trading in NML shares. The Company would like to thank Harbury Advisors, Canary Capital and all investors for their support in this capital raise.

James Gurry appointed Managing Director
As disclosed in the 24 April 2024 announcement, given the successful initial capitalraise and release from the DOCA, non-executive Director, Mr James Gurry has beenappointed Managing Director of the Company. Mr Gurry, who has been instrumental in securing the DOCA agreement, implementing the DOCA requirements and effecting the relaunch of the Company, said “I look forward to re-establishing Navarreas a leading Victorian gold explorer, particularly in this current buoyant gold price environment, and I thank our supporters in this early part of the journey”.

New Director Appointment – Richard Taylor
This follows the recent appointment of Richard Taylor as Non-executive Director. Mr Taylor has held senior executive roles in the resource sector for more than 15 years including CEO and Director of Premier1 Lithium (ASX: PLC), CEO of Terramin Australia Ltd (ASX:TZN) and held senior roles with Mineral Deposits Ltd, PanAust, MMG Ltd and Oxiana Ltd specialising in business development, strategy and governance. The Company continues to speak to other potential new directors as part of its board succession planning process.

Strong Director support of capital raising
It is noted that in the capital raise, Mr Gurry and Mr Taylor have supported the Company by investing $100,000 and $25,000 respectively. The issuance of the convertible notes to these Directors is subject to shareholder approval.

Company released from DOCA
Part of the initial funding has been used to pay the Deed Administrator the agreed sum of $525,000 and thereby satisfying the key condition to removing the Deed of Company Arrangement. The DOCA has been effectuated as confirmed by the Deed Administrator.
.
... and, how long this time ?

 

[Dona Ferentes]

NML has been SUSPENDED for a while; last traded at $0.019

REORGANISATION OF CAPITAL &
CORNERSTONE INVESTOR SECURED

Navarre Minerals Limited (ASX: NML) is pleased to announce all previously
outstanding statutory reports have now been filed and the Company has lodged a submission with the ASX for approval to recapitalise the Company. The key terms of the proposed recapitalisation are a consolidation of shares and an equity capital raise at $0.10 to raise between $4m and $6m to fund further activity across the Company’s portfolio of advanced exploration projects in Victoria.

The Company welcomes Dunkeld Pastoral Co Pty Ltd as an early cornerstone investor by committing to invest at least $1m. Dunkeld Pastoral Co Pty Ltd is a family company with its principal base in the southern Grampians region of Victoria and has investments locally and internationally across a diverse range of industries.

The investment is by way of:
- A Firm Commitment Letter (subscription agreement for shares) for an allocation of 5,000,000 shares from the Public Offer Placement (defined below) equivalent to a $500,000 investment, and
- Convertible Debt of $500,000 which automatically convert to shares at the capital raise share price (proposed to be $0.10 per share). The debt shall attract a 15% interest rate coupon paid in shares which is consistent with currently existing convertible debt issued by the Company.

Provision of the $500,000 to the Company under the convertible debt deed is subject to approval by all existing convertible debt holders. Should the Company be unable to obtain the consent of debtholders, the Firm Commitment Letter provides for an increase to the allocation of shares, from 5,000,000 to 10,000,000 shares out of the Public Offer Placement equal to a $1m total investment.

Executive Chair and Managing Diretor Mr. James Gurry stated: “We are very pleased to have secured the support of such a signficant long term focused investor who recognises the value in our advanced exploration portfolio. Investment by Dunkeld will ensure continued momentum after the recent positive drilling results from the Tandarra Gold Project JV.”

 

[brerwallabi]

It’s been a loser so can it turn around or is it going to be a loser again.
My bargepole has disappeared just in case.