West Australian focused miner Estrella Resources Limited (ASX: ESR) has raised $1.36 million to support its exploration activities near Kalgoorlie.
The company reported its oversubscribed placement received commitments to place 34,000,000 fully paid ordinary shares to sophisticated investors at $0.04 per share to raise a total of $1,360,000 before costs.
Estrella CEO, Christopher Daws said the placement price represents a 50% increase over the company’s last placement undertaken in January 2017.
Subscribe to The Pick
Get your Free Copy of THE PICK - Australia's Premier Resources Sector Investment Magazine - direct to your inbox...
He said funds raised under the placement will be used to expedite exploration on the company’s WA mineral asset portfolio, particularly the Carr Boyd Nickel Project located 80km north north-east of Kalgoorlie.
The placement was lead managed by CPS Capital and Cove Capital were a broker to the offer, with strong support from new and existing shareholders.
