Stellar to go in for floatation

The Mano River Resources owned company Stellar, is on the verge of being floated in order to unlock value for shareholders. The transaction is expected o take place within three months and according to the Sunday Times, Stellar will be valued at about £50 million. Presently, Stellar owns a joint venture with Petra Diamonds (49%) at the Kono Project in Sierra Leone, another joint venture with BHP Billiton also in Sierra Leone. Until now, Mano River owns 68% of Stellar and flotation will affect this percentage to 50%. Private investors currently own 22% of Stellar which they acquired during a private £4.2 million fundraising in July.