- Blackstone Minerals (BSX) has received firm commitments to undertake a $17.8 million placement
- More than 42 million fully paid ordinary shares will be issued to sophisticated, professional, and institutional investors at 42 cents each
- Blackstone has also announced it is planning to undertake a share purchase plan to raise a further $3 million
- Eligible shareholders will be able to subscribe for $30,000 worth of shares without incurring any brokerage costs
- The company will use the money to fund exploration, resource drilling, and pre-feasibility and definitive feasibility studies at the Ta Khoa Nickel Project in Vietnam
- Blackstone is down 7.37 per cent on the market and shares are trading for 44 cents each
Blackstone Minerals (BSX) has received firm commitments to undertake a $17.8 million placement.
The company entered a trading halt on September 9 but did not disclose how much it would be raising.
All up, 42,426,356 fully paid ordinary shares will be issued to sophisticated, professional, and institutional investors at 42 cents each.
This price represents a 14 per cent discount to Blackstone’s 10-day volume-weighted average price.
The placement is expected to settle on September 17 and shares will be issued and begin trading on the same day.
Blackstone has also announced it is planning to undertake a share purchase plan (SPP) to raise an additional $3 million.
Eligible shareholders will be able to subscribe for $30,000 worth of shares without incurring any brokerage costs.
Blackstone has the right to accept oversubscriptions or scale back applications.
The SPP will open on September 18 and close on October 2. Shares will be issued on October 12 and begin trading on the ASX on October 13.
Blackstone will use the money from the placement and SPP to fund exploration, resource drilling, and pre-feasibility and definitive feasibility studies at the Ta Khoa Nickel Project in Vietnam.
The funding will also go towards general working capital.
“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,” Managing Director Scott Williamson said.
Blackstone is down 7.37 per cent and shares are trading for 44 cents each at 11:51 am AEST.