Stellar Resources announced placement and share purchase plan

Stellar Resources Limited (ASX: SRZ) announced that it had received firm commitments from sophisticated and professional investors to raise AU$1,888,425 via a placement. The placement comprised the issue of approx. 125,895,000 fully paid ordinary shares at an issue price of AU$0.015 per new share. The placement comprised the issue of one free listed attaching option for every two new Shares issued at a price of AU$0.025 per share and expiry being two years after the issue date.

In addition to the placement, the company also announced a share purchase plan, in which Eligible Shareholders will be offered the opportunity to participate in a share purchase plan to raise up to AU$500,000 million. The fund raised from the placement and SPP will be used to fund the exploration and development activities on the company’s projects, comprising the Heemskirk Tin Project, and for the general working capital requirement.

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