- 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.