Estrella Resources Ltd (ASX:ESR) has successfully completed a placement to institutional and sophisticated investors to raise $1.36 million at $0.04 per share.
The funds raised will be used to expedite exploration at the company’s Western Australian asset portfolio and to provide additional working capital.
Estrella’s flagship asset is the Carr Boyd Nickel Project, located 80 kilometres north-east of Kalgoorlie.
The historical project was mined by Great Boulder Mines and WMC in the 1970's.
Carr Boyd is a 75 square kilometre layered mafic igneous complex, which hosts several occurrences of nickel and copper sulphides.
The most significant occurrence discovered to date is at the Carr Boyd Rocks mine, where mineralisation is hosted by bronzitite breccias.
Estrella also hold lithium exploration and mining rights agreements with Apollo Phoenix Resources in an emerging lithium-cesium-tantalum (LCT) pegmatite province.
The company is actively looking to increase its asset base and activities.
Estrella’s share price increased circa 64% during the past one month, closing at $0.046 on Monday.