Connect with us

Hi, what are you looking for?

Human Spirit PowerfulHuman Spirit Powerful

Investing News

Successful Completion of A$12 Million Share Placement

Brightstar Resources Limited (Brightstar or the Company) (ASX: BTR) is pleased to report that it has received firm commitments for a placement of new fully paid ordinary shares in the Company (Shares) at A$0.014 per Share to raise A$12 million (before costs) (Placement).

Highlights:

Firm commitments received to raise A$12 million through a strongly supported two-tranche PlacementPlacement completed to leading domestic and international institutional and sophisticated investors, including a significant contribution from existing shareholders of Brightstar and LindenPost completion of the Placement, Brightstar to emerge with over $20 million in cash and no debt to fund mine life extension at the operating Second Fortune mine, fast-track development of the Jasper Hills, Menzies and Laverton Gold Projects

Along with existing cash, proceeds from the Selkirk mining operations and the Placement, Brightstar will emerge with over $20 million cash (no debt) which will underpin the next phase of activities at Brightstar’s Menzies and Laverton Gold Projects and, subject to successful completion of its proposed takeover of unlisted gold producer Linden Gold Alliance Limited (Linden), Linden’s Second Fortune and development- ready Jasper Hills project. Refer to Brightstar’s announcements of 25 March 2024 for more information regarding Brightstar’s proposed acquisition of Linden.

The Placement had strong cornerstone support including a strategic $2 million investment from St Barbara Ltd who is expected to emerge as Brightstar’s largest shareholder with a shareholding of approximately 13% post completion of the Placement and the Linden takeover. Brightstar’s existing largest institutional shareholder, Collins St Asset Management, subscribed for approximately $2.3 million in the Placement, while well-regarded mining investment house Lion Selection Group (ASX:LSX) participated for $2 million in the Placement.

The Placement will be completed in the following two tranches:

298,676,401 Shares within the Company’s existing placement capacity pursuant to Listing Rule 7.1 and 237,037,885 Shares within the Company’s existing placement capacity pursuant to Listing Rule 7.1A, raising a total of $7.5 million; and321,428,571 Shares, subject to shareholder approval in accordance with Listing Rule 7.1, raising $4.5 million.

The Placement is not conditional on the success of the takeover bid for Linden.

Click here for the full ASX Release

This post appeared first on investingnews.com

You May Also Like

Stock News

Tech stocks were hit with selling pressure to start the year, but many are still in long-term trends and some are nearing support-reversal zones....

World News

PORTSMOUTH, N.H. — Former president Donald Trump is aiming for a crushing victory in Iowa on Jan. 15. But it is the New Hampshire...

World News

DES MOINES — Ron DeSantis and Nikki Haley held back-to-back CNN town halls in Iowa on Thursday as they fight to emerge as the...

Investing News

Australian Vanadium Limited (ASX: AVL, “the Company” or “AVL”) is pleased to announce that it has successfully commissioned its vanadium electrolyte manufacturing facility (Facility)...