Blackstone Minerals Limited (ASX: BSX) has completed a heavily oversubscribed Share Purchase Plan (SPP).
Total applications received under the SPP were A$5.3 million and is in addition to the previous A$55 million raising by the company via a Two Tranche Placement to Sophisticated and Professional Investors.
Blackstone Minerals Ltd is focused on building an integrated upstream and downstream battery metals processing business in Vietnam that produces Nickel: Cobalt: Manganese (NCM) Precursor products for Asia’s growing Lithium-ion battery industry.
The company owns a 90% interest in the Ta Khoa Nickel-Copper-PGE Project. The Ta Khoa Project is located 160km west of Hanoi in the Son La Province of Vietnam and includes an existing modern nickel mine built to Australian standards which is currently under care and maintenance.
The company is continuing to advance a PFS for the UBU. The UBU PFS will contemplate the option to mine several higher-grade massive sulphide vein (MSV) deposits, which has the potential to reduce initial upfront capital requirements for the UBU by enabling the Company to restart the existing Ban Phuc Concentrator (450ktpa).
By combining the company’s existing mineral inventory (Ban Phuc Disseminated Sulphide – DSS), exploration potential presented by high priority targets such as Ban Chang, King Snake, Ta Cuong and Ban Khoa, and the ability to source third party concentrate, Blackstone will be able to increase the scale of its downstream business to cater to the rising demand for downstream nickel products.
For further information please visit: https://www.blackstoneminerals.com.au/