Gold Mining Journal
Star Minerals Ltd is the latest among a throng of gold hopefuls looking to capitalise on strong spot prices amid a busy IPO pipeline.
A spinoff organisation of Bryah Resources, Star Minerals, recently announced a significant funding acquisition of US$3.6mn (A$5mn) ahead of its listing on a local stock exchange, expected to take place in October. The funding has been raised to assist Star with its plans to acquire Tumblegum South holding—its parent organisation, which is expected to cost A$500,000, along with nine million shares and seven million performance rights.
Star Minerals, is a gold explorer in Western Australia, with its primary focus on the gold and copper industries. With the aim of advancing exploration capabilities, the company’s plans to acquire Tumblegum South—located 40km from Meekatharra, Western Australia—will open it up to potential resources of around 600 kilotonnes, a figure that was measured from the drilling of 49 holes, covering 5,640 metres of drilling between 2013 and 2019.
Global Mining Review
Perth-based Star Minerals has announced that it has received AUS$5 million in pledges and its gold Initial Public Offering (IPO) is on track to launch on the Australian Securities Exchange (ASX) in the first week of October 2021.
Australian gold explorer Star Minerals, a spinoff of Bryah Resources (ASX: BYH), said on Tuesday it had secured A$5 million ($3.6m) ahead of its listing on the local exchange in October after Sydney-based Magnolia Capital Group pocketed half of the total raised.
Business News [subscription]
Gold explorer Star Minerals is on track to list on the ASX next month, having received a $2.5 million investment from Magnolia Capital.
The West Australian [subscription]
Bryah Resources’ gold spin-off Star Minerals has easily raised $5 million in an initial public offering ahead of its listing on the ASX early next month.
Sydney-based Magnolia Capital Group has pledged to take up $2.5m of the $5m sought under the offering.
Financial Review [subscription]
Magnolia Capital Group has cornerstoned Western Australia gold miner Star Mineral’s $5 million IPO, taking up half of the total raise.
Star Minerals will use the funds to acquire ASX-listed Bryah Resources’ Tumblegum South holding for $500,000 cash, 9 million shares and 7 million performance rights. Bryah announced this transaction in March.
Interview with CEO Greg Almond
Four Western Australian explorers are preparing to list on the ASX, having launched initial public offerings to raise a combined $34 million.
Western Australia-based Star Minerals is close to launching an initial public offering (IPO) with the goal of funding the development of the advanced Tumblegum South gold project.
Level 185 Havelock StreetWest PerthWA 6005
+61 8 9321 0001 firstname.lastname@example.org www.starminerals.com.au
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