Global S&T Development Trend Analysis Platform of Resources and Environment
Star Minerals raises $3.6m ahead of listing | |
admin | |
2021-09-21 | |
发布年 | 2021 |
语种 | 英语 |
国家 | 国际 |
领域 | 地球科学 |
正文(英文) | ![]() Initial funds will be focused on completing drilling, environmental and engineering work to get Tumblegum South ready to be mined. (Image courtesy of Star Minerals.)
Australian gold explorer Star Minerals, a spinoff of Bryah Resources (ASX: BYH), said on Tuesday it had secured A$5 million ($3.6m) ahead of its listing on the local exchange in October after Sydney-based Magnolia Capital Group pocketed half of the total raised. Star Minerals will use the funds to acquire its parent company’s Tumblegum South holding for A$500,000 cash, 9 million shares and 7 million performance rights. “Our point of difference to other gold IPOs is that we have an actual gold resource and a pathway to gold production. The market has recognized that and it has been an important factor in the successful fund raising,” Star Minerals chief executive officer, Greg Almond, said in the statement. “The outlook for gold continues to strengthen, and we believe Star Minerals has a sound growth strategy and significant opportunity in an under-explored area known for its gold deposits,” Magnolia Capital Group chief investment officer Mitchell Atkins noted.
Tumblegum South is located about 40km south of the town of Meekatharra and along strike from the Tumblegum pit, which was mined by Dominion Mining during 1987–1992. The project was explored with a total of 49 holes for 5,640 meters of drilling between 2013 to 2019 and has a mineral (inferred) resource estimate that totals 600kt, at a grade of 2.2 g/t Au. The junior also plans to grab the West Byrah Project from seven vendors for two million shares and 0.75% royalty on future production. Star will issue 15 million shares through the IPO at 20 Australian cents each, along with free-attaching option for every two shares subscribed for. Bryah Resources, which will retain a 21% stake in Star Minerals, is the latest explorer to take advantage of hot capital markets to spin-out its gold assets into a separate company. Canada’s KORE Mining (TSX-V: KORE) group spun out its gold assets into Karus Gold in January, while Encounter Resources announced in July plans to merge its subsidiary, Hamelin Gold, into a separately listed entity, holding its West Tanami gold assets. Another Aussie minor, Chalice Mining, flagged in July the possible demerger of its Australian gold assets into a standalone, listed gold-focused exploration company.
|
URL | 查看原文 |
来源平台 | Minging.com |
文献类型 | 新闻 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/338024 |
专题 | 地球科学 |
推荐引用方式 GB/T 7714 | admin. Star Minerals raises $3.6m ahead of listing. 2021. |
条目包含的文件 | 条目无相关文件。 |
个性服务 |
推荐该条目 |
保存到收藏夹 |
查看访问统计 |
导出为Endnote文件 |
谷歌学术 |
谷歌学术中相似的文章 |
[admin]的文章 |
百度学术 |
百度学术中相似的文章 |
[admin]的文章 |
必应学术 |
必应学术中相似的文章 |
[admin]的文章 |
相关权益政策 |
暂无数据 |
收藏/分享 |
除非特别说明,本系统中所有内容都受版权保护,并保留所有权利。
修改评论