By Anthony O. Goriainoff
East Star Resources said it will raise 540,000 pounds ($658,746) via a discounted placing and that it will use the proceeds toward the development of its Kazakhstan licenses.
The London-listed Kazakhstan-focused mineral company said it will place 36.4 million new ordinary shares at 1.5 pence a share, a 2.6% discount to Friday’s closing of 1.54 pence, and that this also includes a one-for-one warrant at an exercise price of 3 pence.
Proceeds will support development at the Verkhuba copper deposit and the drilling of additional targets within the Rudny Altai belt licenses.
“Alongside other existing and new investors, the company’s chief executive officer and its largest shareholder have both participated in the placing,” the company said.
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