Stellar Resources Raises AU$22 Million via Placement; Shares Up 6%

MT Newswires Live

05/04

Stellar Resources (ASX:SRZ) received firm commitments to raise up to AU$22.1 million at an issue price of AU$0.033 per share, according to a Monday filing with the Australian bourse.

The capital raise includes the previously disclosed cornerstone AU$17 million placement to Metals X (ASX:MLX) and an additional capital raise of AU$5.1 million on the same terms, the filing said.

Proceeds will be used to advance the Heemskirk project in Tasmania towards development, exploration on the East Renison and Granite Tor projects, and general working capital, per the filing.

Stellar Resources and Metals X shares rose 6% in morning trade on Monday.

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