Stavely Minerals raised $3.7 million through a placement to institutional and sophisticated investors, priced at 3.7 cents per share.

The placement includes the issuance of approximately 98.6 million shares.

Each investor will also receive one free option for every two shares purchased. The options, exercisable at 7 cents, will expire on Dec. 31, 2025, pending shareholder approval.

The raised capital will primarily support diamond drilling at Stavely’s Junction Copper Project, commercial viability studies, and further exploration at the Hawkstone Nickel-Copper-Cobalt Project in Western Australia.

Funds will also be allocated to meet the company’s working capital needs.