London Stock Exchange welcomes East Star Resources Plc and their readmission to the Main Market

London Stock Exchange welcomes the readmission of East Star Resources, a company focused on the discovery and development of gold, copper, and base metals in Kazakhstan, to the Main Market under the ticker “EST”. The company raised gross proceeds of £3.1 million via a placing and subscription of 62,000,000 shares at £0.05 per share, delivering a market capitalisation on readmission of £9.1 million at the issue price.

With an initial four licences covering 1,432 square kilometres in two mineral rich belts, East Star Resources will use the funds raised to undertake an intensive exploration programme, applying modern geophysics to discover gold, copper, and base metals in levels that were not explored in the Soviet era. The company also intends to expand its licence portfolio in Kazakhstan.

East Star Resources’ readmission to the Main Market positions the company to take advantage of a convergence of ideal conditions in Kazakhstan, which has a rich history of mining, with well-established infrastructure, low energy costs, and good access to technical expertise, but where very little exploration has taken place since the 1980s. The country benefits from both a new mining code, based on Western Australia’s ‘first come, first served’ principle, enabling the company to secure highly prospective tenements, as well as tax and legal certainty provided by the Astana International Finance Centre.

East Star Resources is managed by experienced explorers who are based permanently on the ground, supported by local expertise and a joint venture with the state mining company.

Alex Walker, CEO of East Star Resources, commented,

“Kazakhstan today is like having all of Western Australia available to peg but in the 1970s. The size is almost the same, the mineral law is modelled on Western Australia, and the deposits discovered are high grade and highly profitable.

We believe all our projects have large mineral potential without large mine requirements, and Kazakhstan’s existing infrastructure and operating costs mean a low economic threshold for development.

I am delighted to bring the company to the Main Market of London Stock Exchange following an oversubscribed fundraising which will enable East Star Resources to pursue an intensive exploration programme.”

The company was advised by Peterhouse Capital Limited, acting as Broker and Placing Agent; Orana Corporate LLP, acting as Company Secretary; PKF Littlejohn LLP, acting as Reporting Accountants and Auditor; Hill Dickinson LLP, acting as Solicitors; and Vigo Consulting Limited, acting as Financial Public Relations.

Looking for new and recent issues?

More recent

92.5
London Stock Exchange welcomes Graft Polymer Plc to the Main Market

The London Stock Exchange today welcomes Graft Polymer (UK) PLC, a business focused on the development of polymer modification, bio/food supplements and drug delivery systems, to the Main Market, trading under the ticker symbol “GPL”.

Graft Polymer is an early-stage company with a state-of-the-art polymer research and development, manufa

Learn more
97.567
London Stock Exchange welcomes Genflow Biosciences Plc to the Main Market

London Stock Exchange today welcomes Genflow Biosciences Plc, a UK-based biotechnology company focused on longevity and the development of therapies to counteract the effects of aging and diseases associated with advanced age, to the Standard Listing Segment of the Main Market, under the ticker symbol "GENF".

Genflow Biosciences opened th

Learn more
74.96
London Stock Exchange welcomes East Star Resources Plc and their readmission to the Main Market

London Stock Exchange welcomes the readmission of East Star Resources, a company focused on the discovery and development of gold, copper, and base metals in Kazakhstan, to the Main Market under the ticker “EST”. The company raised gross proceeds of £3.1 million via a placing and subscription of 62,000,000 shares at £0.05 per share, delivering a ma

Learn more
168
London Stock Exchange celebrates FTSE Russell’s index partnership with Abu Dhabi Securities Exchange

Today, London Stock Exchange markets were opened by Abu Dhabi Securities Exchange and FTSE Russell to mark their partnership and the launch of the FTSE ADX Index Series.

FTSE ADX General Index FTSE ADX Sector Indexes FTSE Russell provides daily index calculations on the ADX General Index FTSE ADX General Index replaces the ADX General Index FTSE Russ

Learn more