Due to additional demand Estrella Resources Ltd (ASX: ESR) has received and accepted additional applications from professional and sophisticated investors to raise an additional $134,342 for a placement announced on July 11.
The Placement Shares will be issued without shareholder approval utilising the company’s existing placement capacity. The Placement Shares will rank equally with existing fully paid ordinary shares on issue in the company and quotation of the Placement Shares is expected to occur on Monday, 18 July 2022.
The Placement Options will be issued subject to receipt of shareholder approval, which will be sought as soon as practicable and in any event no later than at its AGM in November. The Placement Options will be issued under a prospectus following shareholder approval and the Company intends to seek quotation of the Placement Options (subject to satisfaction of the quotation requirements of the ASX Listing Rules) shortly thereafter.
The company intends that the funds raised from the Placement will be primarily used to complete the Definitive Feasibility Study for the 5A nickel mine at Spargoville and diamond drilling activities at Carr Boyd Ni/Cu Project and Spargoville Nickel Right Project, as well as general working capital.
The Placement was managed by LoftusLane Capital Partners Pty Limited. The company will seek shareholder approval for the issue of the Placement Options.
In the event that shareholders do not approve the issue of these securities, they will not be issued. A notice of meeting will be dispatched as soon as practicable.