Sunstone Metals Ltd (ASX:STM) has opened its share purchase plan today, with the company aiming to raise $2 million at the same terms as the $2.5 million placement held earlier this month.
Eligible shareholders who participate in the SPP are entitled to apply for one free attaching option (exercisable at $0.075 (0.75 cents) expiring two years from the date of grant for every two shares subscribed for under the SPP.
Preparing an MRE
The money raised will be used for the purposes of:
- preparing a maiden mineral resource estimate (MRE) at the El Palmar copper-gold project in northern Ecuador.
- exploring at the high-grade Limon gold-silver discovery within the Bramaderos gold-copper project in southern Ecuador; Limon maiden MRE scheduled for next year.
- advancing partnership opportunities at both El Palmar and Bramaderos.
“We are pleased to offer our shareholders to participate in the SPP and SPP Options Offer on the same terms as the recently completed placement offered to institutional, professional and sophisticated investors,” Sunstone managing director Patrick Duffy said.
“The SPP gives Sunstone shareholders an attractive opportunity to increase their exposure to the substantial upside offered by the company’s strategy to grow the resources at its projects and unlock their full value through partnerships.
“We believe we are on the cusp of a new chapter of growth underpinned by three significant discoveries with immense growth potential and strong appeal to major players seeking hard-to-find exposure to such major mineralised systems."
The SPP and SPP Options Offer are expected to close at 5.00pm (Sydney time) on Monday, October 7, 2024.