- Black Rock Mining (BKT) has entered back-to-back trading halts as it gears up to announce another capital raise
- The company will remain in the halts until Wednesday, October 7, unless it announces the detail early
- The capital raise comes just three months on from the last fundraise by the company, who announced an entitlement offer in July
- Black Rock also ended FY20 with $722,000 worth of cash in the back after burning through $2.5 million
- At that rate of spending, Black Rock Mining has enough money to keep going for just over one quarter
- Before today’s trading halts, BKT last traded for 5.8 cents
Tanzanian graphite developer Black Rock Mining (BKT) has entered back-to-back trading halts as it gears up to announce another capital raise.
Shares in the company will remain in the halts until Wednesday, October 7, unless Black Rock announces the detail of the raise early.
Today’s flagged capital raise announcement comes just three months from the company’s last fundraise when it announced an entitlement offer in July.
Black Rock raised $1.65 million from the offer, which closed in August, with over 39 million shares issued at 4.2 cents each.
Looking at the company’s finances — Black Rock Mining ended FY20 with $722,000 worth of cash in the back after burning through $2.5 million in operating activites.
At that rate of spend, the graphite developer only has enough money to keep going for just over one quarter.
As a result, this latest capital raise may not come as a surprise to some investors.
Before today’s trading halts, shares in Black Rock Mining were trading for 5.8 cents on September 30.