Sunstone aims to raise A$12m
PERTH (miningweekly.com) – Junior Sunstone Metals will raise A$12-milion in a share placement to fund exploration at its Bramaderos copper/gold project in Ecuador.
The company on Monday said it had received firm commitments from institutional and sophisticated investors for the placement of more than 461.5-million shares, which will be priced at 2.6c each.
The placement will be undertaken under Sunstone’s existing placement capacity and will not require shareholder approval.
“The funds from this raising will be used to advance our highly prospective Limon gold/silver target at Bramaderos towards our stated goal of identifying a 10-million-ounce gold district,” said Sunstone MD Malcolm Norris.
“Additional drilling will allow us to build on our existing mineral resources and exploration target. At El Palmar, further drilling will allow us to define the extent of mineralisation at the promising T3 target, with the ultimate aim of making a significant copper/gold porphyry discovery to add to the discovery already delivered at the T1 target.
“Our goal here is to deliver substantial value growth to shareholders as quickly as possible,” Norris added.
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