The Smartest Investors Club
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

The Smartest Investors Club

Investing

Successful Completion of A$12 Million Share Placement

by March 28, 2024
March 28, 2024
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
0
FacebookTwitterGoogle +Pinterest
previous post
Edison Lithium: Transitioning to Sodium-ion Battery Technology
next post
FREEGOLD ANNOUNCES CLOSING OF $10 MILLION BROKERED PRIVATE PLACEMENT FINANCING

You may also like

Bold Ventures Issues Shares for Advertising and Investor...

5 Top Weekly TSXV Stocks: Wolfden Resources Leads...

Uranium Reserves: Top 5 Countries (Updated 2024)

Argentina Lithium Announces Amendment to the Terms of...

Rio Tinto’s Diavik Diamond Mine Back Online After...

Fireweed Engages ICP Securities Inc. for Automated Market...

Experts Warn of Supply Cliff for Battery Raw...

Jeff Clark: Gold Getting Closer to “True Breakout,”...

enCore Energy Increases Investment in Nuclear Fuels Inc.

Top 10 Countries for Zinc Production (Updated 2023)

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • Buffett Hands Over Reins, What’s Next for Berkshire’s Capital Strategy?

    • Triumph Gold Updates Shareholders on Operations, Engages Market Maker, and Grants Options

    • Investing in Uranium ETFs: 9 Options for Uranium Exposure

    • Trump says 80% tariff on China ‘seems right’ ahead of weekend talks with Beijing

    • Crypto Market Recap: Bitcoin Breaks US$100,000 as ETF Inflows Rise, Coinbase Makes US$2.9 Billion Power Play

    Categories

    • Business (1,633)
    • Investing (4,797)
    • Politics (7,544)
    • World (6,131)
    • Terms & Conditions
    • Privacy Policy
    • About us

    Disclaimer: thesmartestinvestorsclub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 thesmartestinvestorsclub.com | All Rights Reserved


    Back To Top