Shareholders rush to Blackstone SPP
PERTH (miningweekly.com) – Nickel developer Blackstone Minerals has completed its share purchase plan (SPP) oversubscribed.
The company in the beginning of November launched a A$55-million capital raise through a two tranche share placement, and announced an SPP aimed at raising a further A$5-million.
The ASX-listed Blackstone on Tuesday said that total applications at the SPP had reached A$5.3-million, with 9.13-million shares to be issued at a price of 58c each.
The SPP shares will start trading on the ASX on November 29.
Blackstone has completed the first tranche placement of its A$55-million capital raise, raising an initial A$22.1-million. The second tranche of the share placement will be subject to shareholder approval at a meeting scheduled for December 16.
Funds raised will be used to fund work at Blackstone’s Ta Khoa nickel project, in Vietnam.
Blackstone this week announced a strategic investment into a subsidiary of TSX-listed Silver Elephant Mining Corp, Flying Nickel Mining Corpo, which holds the Minago nickel sulphide project, in Canada.
Blackstone will invest C$2.98-million in Flying Nickel for a 6.85% share in the company, which is expected to list on the TSX-V in early 2022.
The two companies also struck a memorandum of understanding that will allow for collaboration on the production of upstream and downstream nickel and cobalt concentrates and chemical products, and potential offtake or joint ventures to meet the growing demand from the electric vehicle battery industry.
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