Subiaco-based junior Brightstar Resources has announced plans to raise $30 million in order to accelerate mining and production at its Laverton-based hub.
Subiaco-based junior Brightstar Resources has announced plans to raise $30 million in order to accelerate mining and production at its Laverton gold project.
The capital raise follows on from news that the gold aspirant had executed an ore purchase agreement with a regional processing plant, where it will sell up to 500,000 tonnes of ore from Laverton during the 2025 calendar year and first quarter of 2026 calendar year.
Brightstar managing director Alex Rovira said this deal would underwrite the company’s production throughout next year, along with increasing its production profile.
Under the placement, Brightstar told the market it would issue around 1.3 million shares at an issue price of 2.3 cents.
This represents a 10.1 per cent discount to the company’s 15-day volume weighted average price of $0.0256.
Both Argonaut Securities and Canaccord Genuity acted as joint bookrunners and lead managers to the placement.
“Brightstar is growing rapidly and the strong support received from dedicated gold and natural resources-focused institutional investors in this capital raise is a validation of Brightstar’s assets, team and strategy,” Mr Rovira said.
“Brightstar has ambitious plans for growth and this funding allows us to accelerate production opportunities across our Laverton hub and undertake upsized drilling programs across the portfolio targeting organic growth in the mineable ounces which the company continues to prioritise as the basis for new mining developments.”
Earlier this month, it was confirmed the junior’s scheme of arrangement to acquire Alto Metals had also been approved.
Brightstar last traded at 2.5 cents, down 16 per cent, as of 10.02am WST.
