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.
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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.