Stellar Resources (ASX:SRZ) to raise up to $2.4m for exploration

• Stellar Resources (SRZ) plans to raise up to $2.4 million through a placement and share purchase plan (SPP) to fund exploration
• The company received firm commitments to raise $1.89 million through a placement and aims to raise a further $500,000 through the SPP
• Shares will be issued at 1.5 cents each, representing a 9.6 per cent discount to the 15-day volume weighted average price (VWAP)
• In addition, one attaching option will be received for every two new shares subscribed for, exercisable at 2.5 cents and expiring in two years
• Shares end the day 11.8 per cent in the red to close at 1.5 cents

Stellar Resources (SRZ) has planned to raise up to $2.4 million through a placement and share purchase plan (SPP) to fund exploration.

The company has already received firm commitments to raise $1.89 million through a placement and aims to raise a further $500,000 through the SPP.

Shares will be issued at 1.5 cents each, representing a 9.6 per cent discount to the 15-day volume weighted average price (VWAP).

In addition, one attaching option will be received for every two new shares subscribed for, exercisable at 2.5 cents and expiring in two years.

The money will be used to fund exploration and development across its portfolio, including the Heemskirk tin project and general working capital.

“The funds raised from the placement and the SPP will enable the company to proceed with its planned Phase 2B drilling program and advance other project development activities at our flagship Heemskirk tin project, along with continuing to progress our North East Tasmania Gold and Base Metals Exploration Project and for general working capital,” Executive Director Gary Fietz said.

Shares ended the day 11.8 per cent in the red to close at 1.5 cents.