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- Brightstar Resources (BTR) receives firm commitments to undertake a $2.3 million share placement
- Approximately 87 million fully-paid ordinary shares will be issued to sophisticated investors at 2.7 cents
- Brightstar will use the money to continue exploration activities at its Laverton Gold Project with drilling at Cork Tree Well underway
- The company also released its full year statutory report, recording a net profit of more than $60 million in FY21
- Brightstar is steady on the market with shares trading at 3.4 cents at 3:28 pm AEST
Brightstar Resources (BTR) has received firm commitments to undertake a $2.3 million share placement.
The company entered a trading halt on September 29 but did not disclose how much it intended to raise or what it would use the funds for.
Approximately 87 million fully-paid ordinary shares will be issued to 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 will use the money to continue exploration activities at its Laverton Gold Project with a 12,000 metre reverse circulation drilling (RC) program at Cork Tree Well underway and progressing well.
Managing Director William Hobba is pleased with the support received.
“The current drilling program at Cork Tree Well represents the first drill holes completed there since 2012, and we are excited to follow up significant high-grade hits both at depth and along strike to continue to grow the current JORC resource across the Laverton Gold Project of 445,000 ounces,” Mr Hobba said.
“The placement places Brightstar in a strong position to enable us to continue to develop our exciting prospects, with the current RC drilling program at Cork Tree Well expected to increase the size and confidence of the current JORC resource.”
Brightstar also released its statutory full year report for the period ending June 30, 2021.
The company recorded a net profit of $60,551,860 compared to a loss of $6,617,894 in FY20.
Brightstar also had cash inflows from operating and investing activities of $3,191,613, compared to outflows of $1,306,152 for the prior corresponding period.
As of June 30, Brightstar had a cash balance of $985,035 and net assets of $2,333,896.
Brightstar was steady on the market, with shares trading at 3.4 cents at 3:28 pm AEST.
