Stellar Resources’s placement of 5 million shares

Stellar Resources has made a placement of 5 million new ordinary fully paid shares...

  Stellar Resources has made a placement of 5 million new ordinary fully paid shares to investors associated with Chinese steel interests.The shares were placed at 20 cents, a 33% premium to last Thursday’s closing share price of 15.0 cents, and raised $1.0 million of new capital.A majority of the funds raised will be applied to further assessment of the company’s Tarcoola Iron Ore Project, located in central South Australia, adjacent to the Indian Pacific Railway.According to the company the board of Stellar welcomed this new shareholder and looks forward to a long and productive association.Stellar Resources is an ASX listed company holding exploration interests in base metals, uranium and gold. Stellar's objective is to enhance shareholder returns via the discovery of viable mineral deposits.Stellar holds a carefully selected and diverse portfolio of projects - many of which lie within terrains which have produced - and are thus prospective for - world class orebodies. These include the Broken Hill region in New South Wales, the Gawler Craton in South Australia, the Bendigo region in Victoria and the west coast of Tasmania.