Navarre Minerals held an Extraordinary General Meeting on 15 November, 2021 to vote on the upcoming acquisition of the mining operations at Mt. Carlton and Crush Creek from Evolution Mining.
All three resolutions proposed at the EGM – that of issuing placement shares, issuing of Navarre shares to Evolution Mining Ltd as part of the transaction, and authorising Mr. Ian Holland’s participation as Director, were all carried almost unanimously.
The transaction is geared to transform Navarre into a gold production company set on delivering shareholder value. Cash flows are estimated in FY2022 of 45-50koz gold at an AISC of A$1,650-$1,700 per ounce. There also exists further exploration potential.
The transactions and associated costs to be funded from the fully underwritten conditional placement of A$36.8 million to new and existing institutional and sophisticated investors at an issue price of A$0.075 per fully paid ordinary new shares.
Read the full announcement here: Results of EGM