Brightstar Resources Agrees with South Korean Strategic Investor to Modify AU$40 Million Loan; Shares Jump 6%

MT Newswires Live

Sep 13, 2024

Brightstar Resources (ASX:BTR) agreed with AustKor Mineral to modify its non-binding indicative offer for a AU$40 million multi-tranche loan to fund Brightstar's processing plant in Western Australia, according to a Friday filing with the Australian bourse.

The gold developer is working with the South Korean investor to finalize funding for the debt finance offtake facility, which is proposed to fund the refurbishment of its processing infrastructure, the filing stated.

Due to the timing of a scheme of arrangement with Alto Metals (ASX:AME), Brightstar will reallocate AU$4 million of the placement, subject to shareholder approval at a Sept. 17 meeting, according to the filing.

Brightstar Resources' shares jumped 6% in recent Friday trade.

Price (AUD): $0.02, Change: $+0.00100, Percent Change: +5.88%

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