Lodestar Minerals (ASX:LSR) has completed an entitlement offer, raising $577,382, which will be used to continue with planned drilling programs across three projects.
During April, the base metal and gold explorer conducted a review of current and new geochemical data to delineate drill targets at the Earaheedy Project in Western Australia.
At the Coolgardie West Project, the company revealed two anomalous gold zones which will be drill tested. At the Ned’s Creek Project, Lodestar plans to define new gold targets that will also be drilled.
Under the offer, 316.66 million new shares were subscribed for, as well as 158.33 million free-attaching options exercisable at $0.003 on or before 30 June 2026, from 218 shareholders, which raised $316,662.
Meanwhile, a further 260.72 million shares and 130.36 million free-attaching options were applied for from the shortfall arising on the issue, raising an additional $260,720.
All up, Lodestar raised $771,549 less than the targeted $1.35 million and has begun seeking applications for allocation of the shortfall.
Lodestar Minerals is an active Western Australian explorer focused on its three projects, considered prospective for base metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Lodestar Minerals
