THE BOURSE WHISPERER: Blackstone Minerals (ASX: BSX) should be operating a busy booth on the opening day of the RIU Resurgence Conference after announcing firm commitments from sophisticated, professional and institutional investors to raise up to a total of $17.8 million through a placement of approximately 42 million fully paid ordinary shares at an issue price of 42 cents per share.
Buoyed by the placement, which includes Fidelity International corner-stoning the raise with an $8 million pledge, Blackstone will also offer a Share Purchase Plan to raise a further $3 million.
“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,” Blackstone Minerals managing director Scott Williamson said in the company’s announcement to the Australian Securities Exchange.
Net proceeds from the Placement and SPP are intended to be used to fund exploration and resource drilling activities, as well as a Pre-Feasibility Study and Definitive Feasibility Study at the company’s Ta Khoa nickel project in Vietnam.
TO READ THE FULL ANNOUNCEMENT: CLICK HERE