Brightstar Resources
Brightstar Resources & Argonaut
Brightstar raises A$12M to fund mine life extension at the operating Second Fortune mine and fast-track development of the Jasper Hills, Menzies and Laverton Gold Projects.
Argonaut acted as Joint Lead Manager to the two-tranche Placement of Brightstar Resources Limited (ASX: BTR).
Post completion of the Placement, Brightstar will emerge with +$20M in cash and no debt to fund mine life extension at the operating Second Fortune mine and fast-track development of the Jasper Hills, Menzies and Laverton Gold Projects.
The Placement had strong cornerstone support including a strategic $2M investment from St Barbara Ltd who is expected to emerge as Brightstar’s largest shareholder with a shareholding of approximately 13% post completion of the Placement and the takeover of Linden Gold Alliance Limited. Brightstar’s existing largest institutional shareholder, Collins St Asset Management, subscribed for approximately $2.3M in the Placement, while well-regarded mining investment house Lion Selection Group (ASX: LSX) participated for $2M.
Argonaut is delighted to support Brightstar 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.
Brightstar Resources – $12m Placement
March 2024