Who is MJ Ratta Investments Pty Ltd as trustee for the M and J Ratta? My plain English summary of the investment
Investment Agreement: Estrella Resources has made a deal with MJ Ratta Investments Pty Ltd as trustee for the M and J Ratta Trust to raise $350,000 (Now worth $816,666) by selling 58,333,333 shares at $0.006 each, which was 20% higher than the last closing price of $0.005 on August 28, 2024.
Conditions for Initial Investment: The initial investment is subject to shareholder and regulatory approvals and the signing of a Royalty Deed.
Option for More Investment: The investor has the option to buy up to $5,000,000 worth of additional shares at a price of either $0.02 or a 20% discount to the 10-day average price before the option is exercised, whichever is higher. This option can be exercised anytime from the completion of the initial share issue until 90 days after the company announces the results of a feasibility study on the Timor-Leste Project. This requires shareholder approval.
Use of Funds: The money will be used for manganese exploration, potential resource drilling, and mine development studies.
Spargoville Asset: The investor can secure a first-ranking claim over Estrella’s Spargoville nickel rights until Estrella delivers 20,000 tonnes of ore to a port for sale. If Estrella fails to do this within 18 months, the Spargoville nickel rights will be transferred to the investor.
ESR Price at posting:
1.4¢ Sentiment: Buy Disclosure: Held
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