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.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/25293/stellar-resources-gains-resource-capital-funds-as-substantial-shareholder--25293.html