Estrella Resources Ltd (ASX: ESR) has received firm commitments from professional and sophisticated investors to raise $2,084,375.
The company’s drillers Topdrive Drillers Australia Pty Ltd have agreed to accept $200,000 included in this Placement in lieu of fee’s owing for provision of drilling services at Carr Boyd.
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 and will bring the mine closer to production, continuing diamond drilling activities at Carr Boyd Ni/Cu Project, as well as general working capital.