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East Star Resources Plc received notices for the exercise of 867,000 warrants at £0.03 per share, generating gross proceeds of £26,010. Application has been made for the admission of these new ordinary shares, expected on 27 June 2024, which will result in an enlarged issued share capital of 219,517,164 Ordinary Shares.
| Date | 26 Jun 2024 |
| Time | 14:00:48 |
| Category | Capital structure |
| ID | 0101U |
26 June 2024
East Star Resources Plc
("East Star" or the "Company")
Exercise of Warrants
East Star Resources, the Kazakhstan focused copper exploration and resource development company, is pleased to announce that it has received warrant exercise notices to subscribe for a total of 867,000 new ordinary shares of £0.01 each in the Company ("Ordinary Shares") (the "Warrant Shares").
A total of 867,000 Warrant Shares have been exercised at a price of £0.03 pence per Ordinary Share resulting in total gross proceeds to the Company of £26,010.
Admission
Application has been made for the Warrant Shares to be admitted to the standard segment of the Official List and to trading on the main market for listed securities of the London Stock Exchange, and admission of the Warrant Shares is expected to occur on 27 June 2024 ("Admission"). The Warrant Shares will rank pari passu with the existing Ordinary Shares.
For the purpose of the Disclosure and Transparency Rules, following Admission the enlarged issued share capital of the Company will comprise 219,517,164 Ordinary Shares. The Company does not hold any shares in treasury. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the Disclosure and Transparency Rules.
East Star Resources Plc
Alex Walker, Chief Executive Officer
Tel: +44 (0)20 7390 0234 (via Vigo Consulting)
SI Capital (Corporate Broker)
Nick Emerson
Tel: +44 (0)1483 413 500
Peterhouse Capital Limited (Corporate Broker)
Peter Greensmith
Tel: +44 (0) 20 7469 0930
Vigo Consulting (Investor Relations)
Ben Simons / Peter Jacob
Tel: +44 (0)20 7390 0234
About East Star Resources
East Star Resources is focused on copper exploration and resource development. With eight licences covering >1,000 km² in three mineral rich districts of Kazakhstan, East Star is undertaking an intensive exploration programme, applying modern geophysics to discover minerals in levels that were not previously explored.
East Star's most advanced project is a copper deposit on the world-class Rudny Altai VMS Belt where the Company has a maiden JORC Inferred Mineral Resource Estimate of 20.3Mt @ 1.16% copper, 1.54% zinc and 0.27% lead using a whole deposit cutoff grade of 0.86% copper equivalent, within trucking distance of third-party mills with excess capacity.
East Star's management are based permanently on the ground, supported by local expertise, a joint venture with the state mining company on certain projects, and grant funding from BHP through the BHP Xplor programme for copper porphyry exploration.
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The person who arranged for the release of this announcement was Alex Walker, CEO of the Company.
This announcement contains inside information for the purposes of Article 7 of Regulation 2014/596/EU which is part of domestic UK law pursuant to the Market Abuse (Amendment) (EU Exit) Regulations (SI 2019/310) ("UK MAR"). Upon the publication of this announcement, this inside information (as defined in UK MAR) is now considered to be in the public domain.