Blackham takes Matilda funding further
PERTH (miningweekly.com) – Junior gold developer Blackham Resources was readying to receive the second tranche in a A$13-million funding package from Great Central Gold after shareholders approved a share placement.
In February, Blackham announced that it had secured a funding package from Great Central Gold to support the development of its Matilda gold project, in Western Australia, which has a resource of some 1.5-million ounces.
Great Central took an initial 15.79-million shares in Blackham, at 21c a share, to raise A$3.32-million. The investor further agreed to subscribe for 40-million convertible notes in Blackham, at 25c each, to raise a further A$10-million.
The notes initially had a maturity date of five years from their issue, and interest was payable on the notes at a rate of 8%.
The two companies have now agreed to amend the timetable for the drawdown and subscription of the Notes, allow Great Central a monthly drawdown of four-million notes a month, from July through to April 2014.
Once all the notes have been drawn down, the notes would automatically convert into shares.
Blackham told shareholders that the company would benefit from the certainty of the amended drawdown timetable, as it would result in less interest being payable by Blackham, while also removing the requirement for the repayment of the notes by an agreed conversion date, when drawdown is completed.
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