PERTH (miningweekly.com) – Junior miner Black Rock Mining has raised A$3-million in an oversubscribed share placement to professional and institutional investors.
More than 42.8-million shares were placed at a price of 7c each, with the proceeds going towards progressing project financing activities and completing the commercial and permitting activities for the Mahenge graphite project, in Tanzania.
“We are delighted with the level of support we have received from our cornerstone investors and from our board. This placement of A$3-million enables Black Rock to progress financing activities with a view to being construction ready for delivery of the Mahenge graphite project on resolution of the structure of the Tanzanian government’s participation in the project,” said Black Rock CEO John de Vries.
“Our strategy thus far has been to focus on delivery of project development milestones. In achieving our development milestones we have progressed our financing objectives by de-risking the project and enhancing our market strategy. Simply put, the lower our risk profile, the better the financing outcome.”
De Vries added that with the completion of the technical work programme, Black Rock could confidently focus on completing its financing and commercial activities, and completing documentation for the structure of the Tanzanian government’s participation in the project.