Source: Brightstar Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Brightstar Resources (BTR) completes its placement and successfully raises $2.3 million
  • Roughly 87 million fully-paid ordinary shares were issued to professional and sophisticated investors at 2.7 cents
  • Brightstar previously stated it would use the money to continue exploration activities at the Cork Tree Well deposit in WA
  • Drilling is progressing ahead of schedule and ahead of budget with assays expected in mid to late October
  • Brightstar is up a healthy 18.8 per cent on the market with shares trading at 3.7 cents

Brightstar Resources (BTR) has completed its placement and successfully raised $2.3 million.

Approximately 87 million fully-paid ordinary shares were issued to new and existing professional and sophisticated investors at 2.7 cents.

This price represents a seven per cent discount to the 15-day volume-weighted average price of 2.9 cents.

Brightstar previously stated it would use the money to continue exploration activities at the Cork Tree Well deposit in Western Australia.

Since drilling began at Cork Tree Well on September 10, more than 26 reverse circulation (RC) holes, for around 4000 metres, have been drilled.

Drilling is progressing ahead of the planned drill rate and ahead of budget with assays expected in mid to late October.

Managing Director William Hobba was pleased to have completed the placement and continue drilling at Cork Tree Well.

“We are excited to have completed the placement, with the necessary funding on hand to significantly advance the Cork Tree Well deposit,” Mr Hobba commented.

“The current drilling program is proceeding ahead of schedule and under budget, and given this is the first program since 2012 it is exciting to see the anticipated gold-bearing geology where it is modelled.”

“This drilling is expected to increase the size and confidence category of the current JORC resource at Cork Tree Well.”

Brightstar was up a healthy 18.8 per cent on the market with shares trading at 3.8 cents at 12:30 pm AEDT.

BTR by the numbers
More From The Market Herald
Aguia Resources (ASX:AGR) - Managing Director, Fernando Tallarico

" Aguia Resources (ASX:AGR) receives first results from Andrade

Aguia Resources (ASX:AGR) has received the first results from a 2000-metre diamond drilling program at the…

" Victory Goldfields (ASX:1VG) completes drilling campaign in Cue, WA

Victory Goldfields (ASX:1VG) completes its drilling program across targets at three projects near Cue in Western…

" Ausgold (ASX:AUC) significantly upgrades Katanning MRE

Ausgold (ASX:AUC) has significantly upgraded at mineral resource estimate (MRE) for its flagship Katanning Gold Project…
Golden Rim Resources (ASX:GMR) - Managing Director, Craig Mackay

" Golden Rim Resources (ASX:GMR) begins auger drill program at Kada

West African gold explorer Golden Rim Resources (ASX:GMR) has begun a 2000-metre infill auger drilling program…