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Australia's Brightstar Resources hits more than 1-month low on discounted placement

By Reuters News

** Shares of Brightstar Resources BTR.AX fall as much as 9.7% to A$0.510, their lowest level since September 11

** Gold miner receives binding commitments to raise A$82 million ($57.55 million) via a single-tranche placement at an issue price of A$0.50 per share

** Issue price represents an 11.5% discount to the stock's last closing price on October 22

** Says proceeds will fund an accelerated work program at its Sandstone Gold Project in Western Australia

** YTD, stock up 5.1%, including the session's moves

($1 = 1.4249 Australian dollars)

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