Brightstar Resources (ASX:BTR) will raise AU$30 million via the placement of 1.3 billion shares at AU$0.023 apiece, according to a Monday filing with the Australian bourse.
Proceeds will be used for ongoing activities in the company's portfolio, including advanced mining and production at Laverton Hub in Western Australia, further drilling, working capital, and assessing potential mergers and acquisitions, the filing said.
The company also agreed to sell up to 500,000 tonnes of ore from the Laverton Hub to a regional processing plant between 2025 and 2026, according to the filing.
Shares fell more than 17% in afternoon trade Monday.
Price (AUD): $0.02, Change: $-0.01, Percent Change: -17.24%
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