- Sunstone Metals (STM) has pocketed $10.3 million from the sale of shares in Swedish company Copperstone Resources AB
- The company has agreed to an off-market sale of 70 million shares following a recent on-market sale of over 12.6 million shares
- Sunstone Metals still holds approximately 71.4 million more shares in Copperstone, worth a combined $9.2 million
- With the proceeds of the sale, the company is fully funded to conduct its drilling program in Ecuador
- Sunstone Metals is in the grey and trading at 1.9 cents per share
Sunstone Metals (STM) has pocketed A$10.3 million from the sale of shares in Swedish company Copperstone Resources AB.
The company has agreed to the off-market sale of 70 million shares in Copperstone, at 0.80 kronor (roughly A$0.12) per share. This would result in approximately A$8.6 million in cash proceeds.
This off-market sale follows a recent on-market sale of 12,626,268 shares in Copperstone. Sunstone Metals sold these shares at an average price of 0.866 kronor (roughly A$0.13), to produce approximately A$1.7 million in proceeds.
Combined, the sales of 82,626,268 shares in Copperstone at an average price of 0.81 kronor (roughly A$0.13) generated a total of A$10.3 million in cash for Sunstone Metals.
However, this was only a partial sell down of the company’s investment in Copperstone Resources. Sunstone Metals still holds approximately 71.4 million shares in the Swedish copper ore company, representing about 6.4 per cent of its shares on issue.
Combined, the company’s remaining shares in Copperstone are valued at roughly A$9.2 million.
Sunstone Metals’ Managing Director, Malcolm Norris, commented on the company’s plans for the money generated from the sale of shares.
“The proceeds of this sale will be directed to our highly promising exploration opportunities in Ecuador, where drilling is in progress at Bramaderos and is expected to start soon at El Palmar,” he said.
“We have some very strong drill targets, and we are well-funded to drill them,” he added.
A drill rig is expected to begin drilling at the El Palmar Copper-Gold Project in Ecuador sometime during this quarter.
Sunstone Metals is in the grey, trading at 1.9 cents per share at 12:36 pm AEST.