Estrella raises $1.25M to support promising Timor-Leste exploration

Estrella Resources (ASX: ESR) has received firm commitments from professional and sophisticated investors to raise $1,250,000 across two tranches.

Participating investors will receive one free attaching listed option for every two shares subscribed and paid for in the placement.

The placement was led by Barclay Wells Ltd.

The Placement will be completed in the following two tranches:

• 50,000,000 fully-paid ordinary shares and 25,000,000 listed options exercisable at $0.018 expiry 13 December 2026 (ESROB) expected to be settled and quoted on 21 October 2024.
• 33,333,333 fully-paid ordinary shares and 16,666,667 listed options exercisable at $0.018 expiry 13 December 2026 (ESROB) expected to be settled and quoted on 12 November 2024.

The company intends to use the funds primarily to continue exploration efforts and commence a drilling programme at its Timor-Leste operations and working capital.