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Estrella Resources Limited ( (AU:ESR) ) has provided an update.
Estrella Resources Limited has announced that a strategic investor has exercised an option to invest $5 million in the company, acquiring 136,761,488 fully-paid ordinary shares at a 20% discount to the recent 10-day VWAP. This investment will be used to further explore and develop manganese and limestone resources, enhancing Estrella’s financial position and supporting its pioneering exploration efforts in Timor-Leste. The funding comes at a crucial time as the company has recently completed significant drilling activities in the region, with further campaigns planned, and is also working on a promising limestone project. This strategic investment underscores confidence in Estrella’s rapid growth strategy and its strong support from both local communities and institutional shareholders.
More about Estrella Resources Limited
Estrella Resources Limited is a company operating in the mining industry, focusing on the exploration and development of manganese and limestone resources. The company is actively engaged in exploration activities in Timor-Leste, aiming to capitalize on the region’s untapped mineral potential.
Average Trading Volume: 4,403,718
Technical Sentiment Signal: Buy
Current Market Cap: A$104.6M
Learn more about ESR stock on TipRanks’ Stock Analysis page.