Monday, 13 February 2012

Stellar Resources gains Resource Capital Funds as substantial shareholder

Stellar Resources (ASX: SRZ) has added a new substantial shareholder to its share register with Resource Capital Funds taking a 12.84% stake in the company via its fifth fund, Resource Capital Fund V LP.

Resource Capital Fund V LP acquired 28.7 million shares in Stellar for a total consideration of nearly $2.3 million, providing an average entry price of $0.08.

Stellar is in an interesting position having raised $3.1 million recently to advance its wholly owned Heemskirk Tin Project toward the completion of a Bankable Feasibility Study.

The company is also in line to raise another $2.6 million with a fully underwritten one for six non‐renounceable entitlement offer of $0.08 per share, increasing Stellar’s cash position to about $6.5 million.

Resource Capital Funds has become a cornerstone investor in Stellar through its participation in the share placement.

The mining-focused private equity firm is currently investing the US$1.02 billion raised in its fifth fund, Resource Capital Fund V LP, to help its investee companies build strong, successful and sustainable mining businesses.

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