Fladgate LLP has advised AIM listed Tri-Star Resources Plc on its open offer to shareholders to raise up to approximately £4.4 million through the issue of new ordinary shares. The company has subsequently announced the results of the Open Offer, which closed for acceptances on 10 January and was oversubscribed.
The purpose of the open offer is to provide funds for part pre-payment of the $6 million of loan notes issued by Tri-Star in November 2017 and to allow Tri-Star to retain part of the funds as working capital. Tri-Star is a technology and mineral processing company engaged in the exploration, mining and downstream value added processing for a minor metal, antimony. It holds a 40% equity interest in Omani company, Strategic & Precious Metals Processing LLC.
Tri-Star Resources was advised by capital markets partner David Robinson, assisted by corporate associate Orit Rioumine Gold and corporate trainee solicitor Christopher Wilkinson.