Stellar Resources Ltd (ASX:SRZ, OTC:SLROF) has strengthened its balance sheet through a share purchase plan (SPP) which raised $287,560 (before costs) with funds to advance the company’s suite of Tasmanian projects.
In the SPP, which was announced on October 26, 2023, and closed at 5pm on Friday, December 8, 2023, the company received valid applications for 31,951,092 shares at $0.009 per share.
Shareholders registered in Australia or New Zealand on the record date of October 25, 2023, were entitled to subscribe for up to $30,000 of new fully paid ordinary shares in the company.
Use of funds
The capital raised under SPP will be used to advance mining studies on the Heemskirk Tin Project, exploration programs on Stellar’s West Coast and NE Tasmania Project portfolio including follow-up drill testing of the recent polymetallic discovery at North Scamander and working capital.
Non-executive chairman Simon Taylor said: “On behalf of the board of Stellar Resources I wish to thank existing and new shareholders for their participation in the company’s fund-raising initiatives via the share purchase plan.
“Strengthens balance sheet”
"The SPP strengthens our balance sheet to allow us to advance mining studies on the Heemskirk Tin Project, exploration programs on Stellar’s West coast and NE Tasmania Project portfolio including follow-up drill testing of the recent polymetallic discovery at North Scamander and working capital."
It is expected that the SPP shares will be issued on Friday, December 15, 2023, with quotation to occur on or around Monday, December 18, 2023.
The SPP shares will rank equally with existing shares in the company.