Top Price Market
  • Business
  • Politics
  • Investing
  • World
  • Business
  • Politics
  • Investing
  • World

Top Price Market

Investing

Brightstar Signs Major Drill for Equity Agreement with Topdrill

by September 13, 2024
September 13, 2024
Brightstar Signs Major Drill for Equity Agreement with Topdrill

Brightstar Resources Ltd (ASX: BTR) (Brightstar) is pleased to announce it has executed a significant drill-for-equity agreement with Topdrill Pty Ltd (Topdrill) which complements the existing arrangement and underpins the strong working relationship between Brightstar and Topdrill.

HIGHLIGHTS

Brightstar and Topdrill have executed a drill-for-equity agreement worth $4 million, whereby up to 50% of future drilling services invoiced by Topdrill can be paid in Brightstar ordinary sharesThe agreement with Topdrill cornerstones Brightstar’s multi-drill rig exploration program to aggressively advance the consolidated Sandstone Project post the completion of the transactions with Alto Metals Ltd and Gateway Mining Ltd1This $4 million drill-for-equity arrangement is in addition to an existing $1million agreement with Topdrill and further enhances Brightstar’s financial capacity to deliver on its multi hub exploration and development strategyAt Brightstar’s election, equity issued via the arrangement is to be voluntarily escrowed for six months and will be issued at the 20-Day VWAP on the invoice date

Brightstar’s Managing Director, Alex Rovira, commented

“We are pleased to expand materially upon the strong relationship with Topdrill and the existing drill-for-equity agreement, which aligns with our strategic ambition of partnering with tier 1 industry partners as we seek to genuinely build a WA-focused gold exploration, development and production business in a rising gold price environment.

The significant investment offers a cost-effective approach to enhance our aggressive exploration plans across Brightstar’s growing gold project portfolio and demonstrates Topdrill’s confidence in Brightstar’s team, Brightstar’s assets and development plan of organically growing gold production to become a material, multi-asset producer in Western Australia.

It is fantastic to see Topdrill’s commitment to not only Brightstar, but a number of emerging ASX-listed WA gold exploration companies with promising projects. This funding assistance, against the backdrop of continuing challenging equity capital markets, to effectively enable companies to drill more holes and discover more gold, is great to see and has a meaningful benefit to the junior exploration sector. Brightstar applauds Tim Topham and the team for this approach to working with the junior resources sector to enable more exploration and potential discoveries in WA.

Brightstar is currently completing a +30,000m RC and DD drilling program across the Company’s Menzies and Laverton asset base, with the drilling expected to complete in September. Results from these programs, both infill and extensional in nature, will be used in future Mineral Resource Estimate upgrades and will feed into Brightstar’s definitive feasibility study underway.

Subject to the successful completion of the Gateway Mining Ltd and Alto Metals Ltd transactions, expected for completion in September and November respectively, Brightstar anticipates mobilising a drill rig for infill and extensional drilling programs across the Gum Creek and Sandstone properties to advance the projects meaningfully towards mining studies and ultimate commercialisation of the significant mineral resource endowment.

Click here for the full ASX Release

This post appeared first on investingnews.com
0
FacebookTwitterGoogle +Pinterest
previous post
What is an Offtake Agreement?
next post
XRG Investor Presentation FY24

You may also like

Winsome Resources Limited (ASX: WR1) – Trading Halt

Patriot Produces Battery-grade Lithium Hydroxide Sample from CV5...

SAGA Metals Completes Field Program at Double Mer...

Group Eleven Resources: High-grade Zinc-Lead-Silver, Germanium Discovery in...

Galan Lithium Secures Final Permitting to Commence Construction...

Top 5 Canadian Cleantech Stocks of 2023

Element 25 Announces Share Purchase Plan

Chen Lin: Silver’s Move to US$50 Will be...

Bold Announces Extension of its Non-Brokered Private Placement

Sarama Completes A$2m Equity Placement and ASX Cleansing...

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest

    • OpenAI’s Sam Altman thanks Sen John Fetterman for ‘normalizing hoodies’

    • Former Supreme Court Justice David Souter dead at 85

    • Ukraine says it has uncovered Hungarian spy network working in border region

    • Trump claims ‘I don’t know her’ and ‘listened to’ RFK Jr about surgeon general pick getting MAGA pushback

    • Rubio just got an additional job in Trump’s administration — and he’s not the only one wearing multiple hats

    Categories

    • Business (1,632)
    • Investing (4,781)
    • Politics (7,550)
    • Uncategorized (2)
    • World (6,136)
    • About us
    • Contacts
    • Privacy Policy
    • Terms & Conditions
    • Email Whitelisting

    Disclaimer: toppricemarket.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 toppricemarket.com | All Rights Reserved


    Back To Top