PERTH (miningweekly.com) – ASX-listed junior Black Mountain Resources is looking to raise up to A$3.2-million to fund exploration.
The company on Thursday announced a non-renounceable entitlement issue of one fully paid ordinary share for every one share held, at an issue price of 2c a share. One free attaching option will be issued for every two shares subscribed for.
The new shares will rank equally with existing shares, while the options will be exercisable at 2c each before the end of June 2020.
The issue price of 2c a share represented a 59% discount to the company’s last traded price on the ASX.
The proceeds from the offer will be used for exploration funding, due diligence on lithium projects, and on restructuring costs and for working capital, Black Mountain said.