News Column

Navarre Minerals Limited - Share Placement and Share Purchase Plan

May 14, 2014



ENP Newswire - 14 May 2014

Release date- 13052014 - Navarre Minerals Limited (ASX: NML) is pleased to announce that its existing shareholders have an opportunity to participate in the Company's 2014 Share Purchase Plan.

The SPP will be priced at 6.5 cents per fully paid ordinary share which represents a discount of 5.8% to Navarre's last closing price on the ASX and a 17.6% discount to Navarre's 30 day volume weighted average price on the ASX. The Company is also pleased to announce that its major shareholder, and the owner of Victoria's largest gold mines at Stawell and Fosterville, Crocodile Gold Corp., has agreed to acquire an additional 4,615,384 million shares in Navarre at the same issue price of 6.5 cents per share to raise $300,000 through a placement. This will increase Crocodile's interest in Navarre to 15.3%.

PURPOSE OF THE CAPITAL RAISING

Proceeds of the SPP and Placement will be applied to advancing exploration on the Company's 100%-owned Eclipse copper-gold prospect and the broader Western Victoria Copper Project, located 300km NW of Melbourne in the Miga Arc Copper Belt.

The SPP and Placement follows a successful drill campaign at the Eclipse Prospect, which resulted in the discovery of significant gold and copper mineralization only 30 metres from surface. This mineralization is believed to be associated with a deeper porphyry source. A recent geophysical survey has highlighted undrilled targets beneath the mineralization. A drill program to test the deeper copper and gold potential of the Eclipse prospect is planned to commence in June 2014.

SHARE PURCHASE PLAN

In recognition of the support of the Company's existing shareholders, Navarre is conducting a SPP to give its eligible shareholders the opportunity to each acquire up to a maximum of $15,000 worth of new fully paid ordinary shares in the capital of the Company (New Shares) (ranking equally with existing fully paid ordinary shares) at an attractive price, free of all brokerage and commissions.

The right to participate in the SPP is available to shareholders who were registered as holders of Navarre shares at 7.00pmMelbourne time on Friday 9 May 2014 and who have a registered address in Australia or New Zealand (Eligible Shareholders). Under the SPP, Eligible Shareholders will be offered New Shares for subscription at price of 6.5 cents per share.

Shareholders should be aware that there is a risk that the market price of Navarre shares may change between the date of this announcement and the date when the New Shares are issued under the SPP. The SPP is not underwritten. The directors of Navarre who are eligible to participate intend to apply for their maximum allocation of New Shares under the SPP.

The complete terms and conditions of the SPP will be mailed to all Eligible Shareholders on or about the date specified below. Participation in the SPP is entirely voluntary. Shareholders are urged to read the SPP terms and conditions in their entirety before deciding whether to participate in the SPP and, if in doubt, to seek advice from their stockbroker, accountant, solicitor or other professional advisor.

PLACEMENT DETAILS

The Company has agreed to issue 4,615,384 million fully paid ordinary shares in the Company to a subsidiary of Crocodile Gold Corp. at an issue price of 6.5 cents per share to raise $300,000 (before costs). Settlement of the Placement is expected to occur within 7-10 days. The Placement is within the Company's available capacity under the ASX Listing Rules.

Contact:

Geoff McDermott

Managing Director

Navarre Minerals Limited

Tel: +61 (0)3 5358 8625

Email: info@navarre.com.au

Forward-Looking Statements

This announcement contains 'forward-looking statements' within the meaning of securities laws of applicable jurisdictions. Forward looking statements can generally be identified by the use of forward-looking words such as 'may', 'will', 'expect', 'intend', 'plan', 'estimate', 'anticipate', 'believe', 'continue', 'objectives', 'outlook', 'guidance' or other similar words, and include statements regarding certain plans, strategies and objectives of management and expected financial performance.

These forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are outside the control of Navarre and any of its officers, employees, agents or associates. Actual results, performance or achievements may vary materially from any projections and forward-looking statements and the assumptions on which those statements are based. Exploration potential is conceptual in nature, there has been insufficient exploration to define a Mineral Resource and it is uncertain if further exploration will result in the determination of a Mineral Resource. Readers are cautioned not to place undue reliance on forward-looking statements and Navarre assumes no obligation to update such information.


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Source: ENP Newswire


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