Shaw and Partners has been appointed as Joint Lead Manager and Bookrunner to the proposed capital raising by Saturn Metals Limited (ASX.STN).

The Company is proposing to raise approximately $13.7 million via a Placement of 20.5 million new ordinary fully paid shares at $0.67 per security. New shares issued under the Placement will rank pari passu with existing securities.

The offer price of $0.67 per security represents a 4.3% discount to last close of $0.700, a 9.4% discount to 5-day VWAP of $0.740 and a 12.9% discount to 10-day VWAP of $0.769. 

Saturn Metals will utilise the proceeds of the Offer to accelerate exploration activities resource upgrades and metallurgical study work for the Apollo Hill Project and greenfield exploration on STN’s Leonora regional package for target generation and testing.

The offer is available to Australian Sophisticated and Professional Investors only.

For more information please speak to your Shaw and Partners Adviser.

About Saturn Metals

Saturn Metals is an emerging gold exploration company. The Company’s flagship Apollo Hill Project is a 100%-owned exploration project in the world class eastern goldfields of Western Australia, located 60km south-east of Leonora. Saturn Metals is currently focused on drilling activities at Apollo Hill to increase the project’s 781,000oz mineral resource with a resource upgrade targeted for late CY2020.