M a r k e t N e w s
Black Rock Mining Ltd bags $5M in oversubscribed placement
Posted on : Wednesday, 14th September 2016
Black Rock Mining Ltd (ASX:BKT) has pocketed $5 million in in oversubscribed placement of 33.3 million shares at $0.15, to institutional and sophisticated investors.
The funds raised will be invested into the company’s Mahenge Graphite Project in Tanzania, one of the largest JORC graphite resources globally.
The company recently achieved a 99.1% total graphitic carbon purity for all flake sizes from its bulk sample.
The sample taken from the Ulanzi prospect represents significant purity improvements in the finest two flake sizes.
Graphite at this high purity level will be sought after for battery and other applications and is expected to attract a price premium.
Steven Tambanis, managing director, commented:
“We are delighted to have partnered with Blue Ocean Equities and their clients to finalise this placement, which was strongly oversubscribed.
"We now look forward to progressing our development assessment programs and expect significant news flow over the coming months.”
Director funding support
A total of $225,000 in the placement was subscribed for by Black Rock board members and will be subject to shareholder approval at the 2016 Annual General Meeting.
Source : www.proactiveinvestors.com.au
