Estrella Resources Ltd (ASX: ESR) has received firm commitments from professional and sophisticated investors to raise $1,800,000 (before costs) through a placement of 150,000,000 shares.
The company intends for the funds raised from the Placement will be primarily used to complete the Definitive Feasibility Study for the 5A nickel mine at Spargoville which is already well advanced, continuing diamond drilling activities at Carr Boyd Ni/Cu Project, as well as general working capital.
The Placement was managed by the company with the assistance of participating brokers with an AFSL.