Stellar Resources Ltd (ASX:SRZ, OTC:SLROF) has received firm commitments to raise $3.2 million via a share placement, underscored by the participation of new cornerstone investor Nero Resources Fund, which subscribed for $2.4 million in shares.
The placement will be issued at a $0.008 price, a 14.3% premium to the most recently traded share price.
Participants will receive one unlisted free attaching option for every two shares allotted.
The funds will go toward exploration and development of Stellar’s Heemskirk Tin Project and the North Scamander Pollymetallic Project, both in Tasmania.
Globally relevant tin resource
“We are pleased to have received firm commitments to raise $3.2 million under the placement and include institutional fund Nero onto our register as a cornerstone investor,” Stellar Resources chair Simon Taylor said.
“The placement was completed at 0.8 cents representing a 14% premium to our most recently traded price, which is a great achievement for the company and shows strong confidence in our projects.
“In what has been a difficult time to access capital for junior miners, we are now well placed with over $4 million in cash to advance the company’s exciting portfolio of projects in Tasmania.
“The funds raised will be used to advance the world-class Heemskirk Tin Project, which is the highest-grade undeveloped tin resource in Australia and third highest globally.
“Additionally, funds will be used to further explore the exciting new high-grade polymetallic discovery at the North Scamander Project.
“I look forward to updating the market further with our development and explorations plans for 2024.”