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Desert Star raises C$14.6M, gets conditional approval for Kutcho deal

Desert Star Resources Ltd. said Dec. 8 that it raised about C$14.6 million from a previously announced private placement of subscription receipts.

The offering comprised 22,498,807 subscription receipts priced at 65 Canadian cents each.

Desert Star plans to use the proceeds from the placement to fund its acquisition of the Kutcho copper-zinc-silver project in British Columbia from Capstone Mining Corp., for which it has received conditional approval from the TSX Venture Exchange.

The company plans to change its name and trading symbol to Kutcho Copper Corp. and KC, respectively, upon closing the transaction.

Desert Star, meanwhile, appointed Stephen Quinn, Bill Bennett and Jay Sujir to its board following the resignations of Keith Henderson, Chris Taylor and Gavin Cooper as directors. Cooper will remain as CFO.