Sunstone Metals: $2.5M placement boosts Ecuador exploration plans [Video]

Sunstone Metals Ltd (ASX:STM) managing director Patrick Duffy joins Jonathan Jackson in the Proactive studio to discuss a $2.5 million raise through the placement of 500 million new fully paid ordinary shares, priced at 0.5 cents ($0.005) each, representing a 28.6% discount to the last closing price.
Additionally, 250 million options will be issued on a one-for-two basis, exercisable at a 50% premium to the offer price, subject to shareholder approval.
Proceeds will be used for the preparation of a maiden mineral resource estimate (MRE) at the El Palmar Copper-Gold Project in northern Ecuador and for the Limon gold-silver discovery at the Bramaderos Gold-Copper Project, with the latter scheduled for next year. The company aims to advance partnership discussions to accelerate exploration and resource growth at both projects.
Alongside the placement, Sunstone will offer a share purchase plan (SPP) to eligible shareholders, aiming to raise up to $2 million at the same price. Directors will participate in the placement for a total of $130,000, pending shareholder approval. Morgans Corporate Limited and Canaccord Genuity acted as joint lead managers. Settlement and trading of new shares will occur on September 13 and 16, respectively.
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