Proceeds from the funding will enable the West Africa-focused company to undertake independent conceptual economic scoping studies at Tongo in Sierra Leone and Droujba in Guinea.
Share placement will also finance on-going operational expenditure at these sites.
The company placed the shares of 1p each at a price of 2.65p per placing share, representing a share capital of 12.47% in the company.
Stellar chief executive Karl Smithson stated that funds will advance the development of the company’s key kimberlite projects of Droujba and Tongo.
"Having established at the end of last year a combined inferred resource of 4 million carats, the next phase is to commission independent conceptual economic scoping studies on both projects to establish their preliminary economics before deciding whether to move into the pre-feasibility stage later this year," Smithson added.
