PERTH (miningweekly.com) – Graphite developer Black Rock Mining will raise A$10-million in a share placement to institutional and sophisticated investors, to fund working capital to complete the debt process and project-level partner process for its Mahenge project, in Tanzania.
The ASX-listed company has received firm commitments for the placement of more than 86.9-million shares, priced at 11.5c each, representing a 20.7% discount to Black Rock’s closing price on June 7, and a 14.9% discount to the company’s 15-day volume weighted average share price.
Placement participants will receive one free attaching option for every three shares subscribed for, with the option exercisable at 20c each and with an expiry date of 24 months.
“We are very pleased with the level of support provided from existing shareholders and welcome several new institutional shareholders to the Black Rock register,” said CEO John de Vries.
“We have several key de-risking milestones due near term and this A$10-million placement should provide the company with sufficient cash reserves to complete the debt financing and partner processes.”