Brightstar Resources successfully completed an AU$12 million share placement

Brightstar Resources Limited (ASX:  BTR) reported that it has received firm commitments to place new fully paid ordinary shares in the Company at AU$0.014 per Share to raise AU$12 million.

Along with existing cash, proceeds from the Selkirk mining operations, and the Placement, Brightstar will emerge with over AU$20 million cash, which will underpin the next phase of activities at Brightstar’s Menzies and Laverton Gold Projects and, subject to successful completion of its proposed takeover of unlisted gold producer Linden Gold Alliance Limited. The Placement had strong cornerstone support, including a strategic AU$2 million investment from St Barbara Ltd, and is expected to emerge as Brightstar’s largest shareholder with a shareholding of approximately 13% post-completion of the Placement and the Linden takeover.

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