Blackham to raise A$26m for expansion plans
PERTH (miningweekly.com) – Gold miner Blackham Resources will raise A$26-million through a fully underwritten renounceable entitlement offer to fund its production expansion to 100 000 oz/y.
Eligible shareholders will be offered five new fully paid ordinary shares for every four shares held, at a price of 1.5c each, to raise the funds. The company will also issue one free attaching option for every three new shares issued, with the options exercisable at 3c each before October 2020.
Blackham’s financing providers MACA and The Lind Partners have agreed to provide general sub-underwriting commitments totalling A$10-million, with Lind also agreeing to a standstill on any equity conversion under its converting note agreement below a price of 1.8c, until the end of June this year.
The ASX-listed company on Thursday told shareholders that funds raised will be used on operational improvements to its existing Matilda/Wiluna operations, in Western Australia, in order to increase production, while also completing the expansion definitive feasibility study (DFS) and resource and reserve drilling. The funds will also be used for ongoing working capital.
The expansion DFS is focused on a two-stage model, with the Stage 1 expansion from the current range of between 80 000 oz/y and 100 000 oz/y, to between 100 000 oz/y and 120 000 oz/y.
The Stage 2 expansion would increase gold production to around 250 000 oz/y.
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