Norwest Minerals Limited (ASX: NWM) has successfully completed its partly underwritten non-renounceable entitlement offer, raising a total of $4.85 million. The Entitlement Offer, announced on April 30, 2025, closed on May 19, 2025, and saw strong participation from shareholders and underwriters. Applications were received for 344,232,539 New Shares and New Options, amounting to $3,442,325.39. The underwriters will take up the shortfall securities of 139,006,513 shares and options to fulfil the underwritten amount of $3 million.
Norwest intends to allocate the raised funds towards reviewing mining options at its Bulgera project and recommencing drill testing of gold targets within the Bulgera Mining Lease area. The exploration program aims to significantly increase the current gold resource estimate of 218,000 ounces. Planned activities include targeting near-surface gold zones around the historic mining center, exploring strike extensions identified by surface geochemistry, and investigating deeper gold lodes below the previously mined shallow pits.
The company has applied to list the options on the ASX. Key shareholders include Perth Select Seafoods Pty Ltd with 40,000,000 options (11.62%) and YF Chee Holdings SDN BHD with 29,888,890 options (8.68%). Norwest Minerals expressed gratitude to participating shareholders and underwriters for their ongoing support. Management believes these funds will allow them to effectively explore and expand their Bulgera gold prospects.
