Funds To Support Pilot Plant Construction In Vietnam
Blackstone Minerals Limited (ASX:BSX) has received firm commitments to raise up to a total of A$55 million a heavily oversubscribed share placement.
The placement was backed by some of the world’s leading investment managers. Shaw & Partners Limited, Evolution Capital & PAC Partners acted as Joint Lead Managers to the Placement.
The company will also offer to eligible existing shareholders the opportunity to participate in a Share Purchase Plan to raise a maximum of A$5 million.
Managing Director, Scott Williamson, said funds raised from the Placement and SPP will be applied primarily towards the construction and commissioning of Pilot Plant Phase 2 in Vietnam.
Funds from the capital raising will also be used to complete feasibility studies, advance exploration within the Ta Khoa district and regional opportunities such as Chim Van, execute strategic investments and for general working capital purposes.
“The company is delighted to have attracted high quality Australian and International investment managers to its register,” Mr Williamson said.
“Blackstone’s vertically integrated nickel sulphide project in Vietnam is a rare growth opportunity that received overwhelming interest during the book building process. In the coming months the company will deliver updated and maiden resources for its key development targets at Ta Khoa. These targets are the basis of the soon to be completed Pre-Feasibility Study for the Upstream Business Unit.”
“The successful completion of the Capital Raising provides shareholders with the highest leverage and exposure to future value accretive events. The Company is well capitalised to independently de-risk the Ta Khoa Project and thereby organically elevate its status as a supplier of choice into lithium-ion battery and electric vehicle supply chains.
“Blackstone is cognisant of its first mover advantage and the current injection of capital catalyses the company’s development pathway which in turn will ensure strategic competitiveness. Blackstone is on an accelerated pathway towards completing feasibility studies, progressing pilot plant testing and advancing partnership negotiations.”
For further information please visit: https://www.blackstoneminerals.com.au/
