UNION STAR METALS LTD — Capital/Financing Update 2012

Dec 11, 2012

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South America’s
Emerging Gold
Explorer
ASX Release
12 December 2012
Level 28, 140 St Georges Terrace,
PERTH WA 6000
PO Box 994,
SUBIACO WA 6904
P: +61 8 9278 2766
F: +61 8 9278 2525
W: www.promesa.com.au
ABN 36 124 541 466
ASX Code: PRA
Contact
Ananda Kathiravelu
Executive Director
ananda@promesa.com.au
Michael Sebbag
Executive Technical Director
michael@promesa.com.au
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PROMESA LIMITED SUCCESSFULLY COMPLETES PLACEMENT

Promesa Limited (“Promesa” or the “Company”) (ASX:PRA) is pleased to advise that it has undertaken a $1,325,000 capital raising via the issue of 26.5 million new ordinary shares to institutional, sophisticated and professional investors at a price of $0.05 per share (“Placement”).

The Placement received strong support from both existing and new investors. The Placement price represents a 16.67 % discount to the last closing price of Promesa shares on 7 December ($0.06) prior to entering the trading halt.

Use of Proceeds

Proceeds from the Placement will be used primarily to fund the Company’s forward looking Peru exploration and development program at the Alumbre/Magdalena and Quinual prospects.

Commenting on the Placement, Promesa’s Executive Director, Ananda Kathiravelu, said: “We are delighted by the strong level of support in the Placement and we look forward to the next phase of exploration.”

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Phillip Re Company Secretary Promesa Ltd

About Promesa Ltd (ASX:PRA)

Promesa Ltd (“Promesa”, “the Company”) is a Perth based ASX listed Company, with a portfolio of exploration properties in Peru focused on precious and base metal commodities.

The Company’s projects are situated in the gold and copper rich Western Cordillera region in Peru. The concessions are considered prospective for Au, Ag, Cu and associated minerals. The concessions total 7 prospect locations with a total area of 39,436.5 ha.

Promesa provides investors access to an exciting and growing portfolio of exploration projects at discovery stage, including seven projects in Peru, each offering a unique path way to discovery.