Battery recharges treasury for Stavely copper-gold work

Battery Minerals has raised A$5 million for its new exploration play next to Stavely Minerals’ Thursday’s Gossan copper-gold discovery in western Victoria (reports MiningNews).

The fundraising priced new shares at 2.2c each and involved capital market firms' Morgans and Foster.

Battery had an estimated $2.2 million cash prior to the raising.

Battery moved into western Victoria earlier this year with the acquisition of Gippsland Prospecting and the appointment of Gippland's Darryl Clark as a director.

Gippsland's non-executive chairman is David Flanagan of Atlas Iron fame.

Battery listed as Metals of Africa eight years ago following a A$3 million IPO.

It got involved in graphite in Mozambique in 2014.

At its last trading price of 2.8c the stock was capitalised at $37 million.

Battery's shares have risen about four-fold over the past six months.

Image: Battery Minerals