Placement And SPP Funds To Support Vietnam Mine Growth
Blackstone Minerals Limited (ASX:BSX) has received firm commitments from sophisticated, professional and institutional investors to raise up to a total of A$17.8 million through a placement of fully paid ordinary shares
▪ Fidelity International to cornerstone the capital raise with an A$8 million investment;
▪ Blackstone will undertake a placement of 42,426,356 shares at an issue price of $0.42 to sophisticated and professional investors to raise gross proceeds of up to AS$17.8 million;
Blackstone Minerals’ Managing Director Scott Williamson said the company will also offer a Share Purchase Plan (SPP) to eligible shareholders to raise A$3 million.
“We’re excited to welcome new long term institutional investors to our register and the opportunity to raise $21 Million for Blackstone to support the ongoing exploration, resource drilling and future studies at the Ta Khoa Project,” Mr Williamson said.
“Additionally, in recognition of the company’s existing retail shareholders, eligible shareholders will have the opportunity to participate in a Share Purchase Plan at the same issue price per share of A$0.42 (SPP).
“The company intends to raise A$3,000,000 under the SPP through the issue of 7,142,857 shares. The Company reserves the right to accept over subscriptions under the SPP.”
Settlement of the Placement is expected to occur on September 17, 2020, with the shares expected to be issued and commence trading on the same day.
The company noted that it has been partly affected by the COVID-19 health crisis and its economic impact and is raising capital in order to progress its existing projects.