Fladgate LLP has advised AIM listed mining company Tri-Star Resources plc on the raising of £1.5 million before expenses through a placing (by SP Angel Corporate Finance) and subscription for new shares.
In addition to the placing and the subscription, the company has agreed with Odey European Inc. the issue of a further £2 million secured convertible bonds, due in 2018.
This important fundraising by Tri-Star will enable the company to finance its 40% equity share in the Oman Antimony Roaster joint venture forming part of the total US$70 million funding package which the joint venture has arranged. Tri-Star will continue to support its joint venture partners in bringing the project into production to become one of the first sizeable Western World antimony roasters designed to be fully compliant with modern environmental legislation.
The Fladgate team was led by capital markets partners David Robinson and Neil Vickers.