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- Brightstar Resources (BTR) raises $2.5 million through an oversubscribed placement to accelerate resource growth
- The company will issue 100 million new shares at a price of 2.5 cents each, representing a 14 per cent discount to the 15-day volume-weighted average price
- The funds will help assist exploration efforts at the Laverton gold project, with a 2000 metre aircore program underway and a 10,000-metre reverse circulation (RC) drill program planned
- Shares were trading 10 per cent lower today at 2.7 cents each on market close
Brightstar Resources (BTR) has raised $2.5 million through an oversubscribed placement to accelerate resource growth.
The company will issue 100 million new shares at a price of 2.5 cents each, representing a 14 per cent discount to the 15-day volume-weighted average price.
The shares will be issued under the company’s placement capacity.
The funds will help assist exploration efforts at the Laverton gold project, with a 2000-metre aircore program underway and a 10,000 metre reverse circulation (RC) drill program planned.
The company has begun work on upgrading the JORC Mineral Resource Estimate for Cork Tree Well.
Managing Director Bill Hobba said the strong support seen in the placement validates the quality of the company’s assets.
“The RC program represented the first drill holes completed at Cork Tree Well since 2012, we are excited to get back out there to commence follow up RC drilling and continue to expand the boundaries of the known mineralisation envelope, the aim is to grow the JORC
Resource,” he said.
On market close, shares were trading 10 per cent lower today at 2.7 cents each.
