Brightstar raises A$24M to fund a fast-tracked drill out of its recently-acquired Sandstone Project and for general exploration and development activities on Brightstar’s portfolio.

Argonaut acted as Joint Lead Manager to the Two-Tranche Placement of Brightstar Resources Limited (ASX: BTR).

The Placement follows (1) entry into a Scheme Implementation Deed with Alto Metals Limited (ASX: AME), pursuant to

which Brightstar proposed to acquire 100% of the shares in Alto; and (2) Brightstar agreeing to acquire 100% of the gold mineral rights in the Montague East Gold Project from Gateway Mining Limited (ASX: GML).

The above transactions add significant mineral endowment into Brightstar’s portfolio. Importantly, they add a third development hub to Brightstar that delivers the critical mass of gold resources that underpin a fast-tracked exploration and development phase of work to move the Sandstone hub towards monetisation.

The Placement received very strong support from a range of new and existing institutional investors, including a number of specialist gold and natural resources funds.

Argonaut is delighted to have worked with Alex Rovira and the entire Brightstar team and looks forward to Brightstar’s ongoing success.

Additional information regarding Brightstar can be found on the Company’s website at https://www.brightstarresources.com.au