Drilling rig on site at Cork Tree Well. Source: Brightstar Resources
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  • Brightstar Resources (BTR) is entering a mid-week trading halt as it gets ready to carry out a share placement
  • The company’s securities will remain halted from trade until Friday, giving BTR time to plan and execute the fundraise
  • The gold explorer ended the June quarter with cash of just over $1 million, enough to keep going for another 2.07 quarters
  • Since then BRT began drilling its Cork Tree Well Project in WA’s Laverton district as it looks to update the asset’s mineral resource
  • BTR shares last traded at 3.4 cents each on Tuesday

Brightstar Resources (BTR) is entering a mid-week trading halt as it gets ready to carry out a share placement.

The company’s securities will remain halted from trade until Friday, October 1, giving BTR time to plan and execute the fundraise.

No details have been announced just yet, however the full placement details should come to light before the end of the week.

In terms of financials, BTR ended the June quarter with cash of just over $1 million in the bank.

That’s enough funds to keep the business running for another 2.07 quarters of growth, after the explorer spent $489,000 on operating activities in Q2.

Since the end of the June quarter, Brightstar has been focused on its Cork Tree Well Project in WA’s Laverton district.

The company awarded Strike Drilling the contract for its drill program at the asset, as it aims to upgrade the project’s mineral resource.

Currently the Mineral Resource Estimate for Cork Tree Well sits at 3.9 million tonnes at 1.9 grams per tonne gold for 237,000 ounces.

Before today’s trading halt, shares in Brightstar Resources were trading at 3.4 cents each on Tuesday, September 28.

BTR by the numbers
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