Lodestar Minerals (ASX:LSR) has increased its previously announced capital raise for an additional $500,000 to further exploration programs across the Darwin and Three Saints projects in Chile.
Oakley Capital Partners is acting as the lead manager and corporate advisor for this placement.
The company will expedite a third tranche to raise the remaining funds, in conjunction with its two-tranche placement to raise $2.2 million, as reported by Mining.com.au last month (30 June).
The first tranche will allow the company to raise $475,000 from the issue of 79.16 million shares at $0.006 per share, followed by another 345 million shares to be issued at a price of $0.005 to supply the remaining $1.72 million.
Lodestar will then issue 100 million shares at a price of $0.50 per share in the third tranche.
The final part of this placement will entitle holders for two free options at an exercise price of $0.01 for every three shares subscribed. Subject to shareholder approval, Lodestar will delegate a total of 66.6 million options, which will expire four years from the date of issue.
Spanning 5,800 hectares in Copiapó, Chile, the Darwin and Three Saints projects hosts a range of gold and copper deposits, including the Candelaria deposit with a resource of 1.2 billion tonnes @ 0.6% copper, 0.13 grams per tonne gold, and 2g/t silver.
Lodestar is a gold and copper explorer with a portfolio of wholly owned assets in Western Australia and Chile.
Write to Maddison Elliott at Mining.com.au
Images: Lodestar Minerals
