Estrella Resources received commitments for a placement to raise AU$2,084,375

Estrella Resources Limited (ASX: ESR) announced that it had received binding commitments from professional and sophisticated investors to raise AU$2,084,375 via placement. The placement comprised the issue of 119,107,144 shares at an issue price of AU$0.0175 per share together with one free attaching option exercisable at AU$0.04 and expiring 30 October 2023 for every 2 Placement Shares subscribed for and issued, totaling 59,553,572 Placement Options.

The fund raised through the placement will be used to complete the Definitive Feasibility Study for the 5A nickel mine at Spargoville, which is already well advanced and will bring the mine closer to production, continuing diamond drilling activities at Carr Boyd Ni/Cu Project, as well as general working capital.

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