Sunstone partly sells Copperstone holdings
PERTH (miningweekly.com) – ASX-listed Sunstone Metals will raise A$10.3-million from a partial selldown of its shares in mineral explorer Copperstone Resources.
Sunstone on Thursday reported that the company had agreed to an off-market sale of some 70-million Copperstone shares at a price of 12.3c each, for A$8.6-million in cash.
The company also sold 12.6-million shares on market for a further A$1.7-million.
“The proceeds of this sale will be directed to our highly promising exploration opportunities in Ecuador where drilling is in progress at Bramaderos and is expected to start soon at El Palmar,” said Sunstone MD Malcolm Norris.
“We have some very strong drill targets, and we are well-funded to drill them,” he added.
Sunstone still holds some 71.4-million shares in Copperstone, accounting for a near 6.4% interest in the company, valued at A$9.2-million.
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