HomeTop StoriesWhite Star Resources concludes $5M fund raising for Spookfish acquisition

White Star Resources concludes $5M fund raising for Spookfish acquisition

digital-handshakeASX-listed White Star Resources has announced that the Prospectus Offer dated 19 December 2014 has closed fully subscribed to maximum amount under the Offer of raising $5 075 000.

The offer was for 145 000 000 shares at an issue price of $0.035 each together with an attaching unlisted option for every two shares issued. Forrest Capital were lead manager to the offer.

In addition, White Star Resources has completed its technical due diligence following the aerial surveys successfully conducted over the Perth metropolitan area and south-west region of Western Australia using the revolutionary Spookfish camera system technology.

White Star Resources was encouraged by the results of the aerial surveys and the performance of the Spookfish Technology Demonstrator. Dr Peter Kovesi, Research Professor and member of the Geophysics and Image Analysis Group at the Centre of Exploration Targeting at the University of Western Australia, independently verified the flight tests and survey results.

“The company now looks forward to further rigorous testing of the Spookfish technology and developing the Spookfish commercial offering,” White Star Resources said in a statement.

It is anticipated that the acquisition of Spookfish and Geospatial Investments as well as the White Star Resources’ compliance with Chapters 1 and 2 of the ASX Listing Rules will be completed in the coming weeks. The company will continue to update the market and advise of the anticipated date for recommencement of trading in the company’s shares as soon as possible.

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