BlackEarth raises cash for critical minerals work

24th January 2022 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – ASX-listed BlackEarth Minerals will raise A$6.8-million to fund a definitive feasibility study (DFS) at its Maniry graphite project, in Madagascar.

The company said on Monday that it would place 50.7-million fully paid ordinary shares to institutional and sophisticated investors, at a price of 13.5c each. The new shares would be placed under BlackEarth’s placement capacity, and will not require shareholder approval.

The funds raised in the placement will be used to complete a DFS for the Maniry project and to fund drilling and exploration work at the project, while also going towards the development of a downstream expandable graphite project plan in India.

“Following the recent release on the progress of the Maniry project, together with the significantly enhanced financials, we are seeing substantial interest in our project from both local and overseas institutional investors, who participated in the raising, including those focused on environmental and social governance,” said MD Tom Revy.

“Management remains excited with the development progress of both its Maniry graphite project and its Indian joint venture expandable graphite plans, and the key milestones that will be reached in 2022.”