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Sabre Resources (ASX:SBR) to raise more than $982k to fast-track exploration
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  • Stellar Resources (SRZ) has begun the week in a trading halt regarding an upcoming capital raising
  • The company will remain in the halt until March 17 or when an announcement is made, whichever occurs first
  • On March 4, Stellar's subsidiary, Tarcoola Iron, lodged two additional exploration licences for an area in Northeast Tasmania
  • The licences cover 240 square kilometres and contain highly prospective gold exploration targets
  • As Stellar is waiting on an additional 10 licences to be granted, it expects these two will be granted much later in the year
  • Shares in Stellar last traded at 2.7 cents on March 12

Stellar Resources (SRZ) has begun the week in a trading halt regarding an upcoming capital raising.

The company will remain in the halt until March 17 or when an announcement is made, whichever occurs first.

Stellar is yet to disclose how much it intends to raise or what it will do with the funds once received.

On March 4, Stellar announced its subsidiary, Tarcoola Iron, lodged two additional exploration licences for an area in Northeast Tasmania.

The licences cover 240 square kilometres and contain highly prospective gold exploration targets.

As Stellar is waiting on an additional 10 licences to be granted, it expects these two will be granted much later in the year.

Stellar last entered a trading halt in September 2020 in regards to a $2.1 million placement.

More than 27.2 million shares were issued to sophisticated and professional investors at 1.1 cents — representing a 35 per cent discount to the 30-day volume-weighted average price of 1.7 cents.

Stellar stated it would use the money to fund its gold exploration program in Northeast Tasmania.

Shares in Stellar last traded at 2.7 cents on March 12. The company has a $17.76 million market cap.

SRZ by the numbers
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