Wiluna Mining Corporation Ltd Stock Market Press Releases and Company Profile
$13 Million Funding Update
$13 Million Funding Update

Perth, June 7, 2013 AEST (ABN Newswire) - Blackham Resources Ltd (googlechartASX:BLK) is pleased to provide an update on the $13 million funding package secured for its 100%-owned Matilda Gold Project in Western Australia with Great Central Gold Pty Ltd ("Great Central") following the general meeting of the Company held on 6 June 2013 ("Meeting") at which all resolutions, including those relating to Great Central's funding package for Blackham, were approved by shareholders. The Matilda Gold Project has 1.5 million ounces of gold resources and 50km of strike in a major Western Australian gold belt.

As announced by Blackham in February 2013, Great Central has agreed to subscribe for 15.79 million fully paid ordinary shares in the capital of Blackham ("Shares") at $0.21 per Share, to raise $3.32 million ("the Placement"). The first tranche of the Placement, being for Shares having a value of $2.31 million, has previously been completed. The second tranche of the Placement, consisting of the issue and allotment of 4,808,000 Shares (having a value of $1.01 million), will be completed within 14 days of the date of the Meeting. Upon completion of the Placement Great Central will have a voting power in the Company of 19.5%.

In addition to the Placement, Great Central has agreed to subscribe for 40 million Convertible Notes in Blackham at $0.25 each having a total face value of $10 million ("Notes"). The Note conversion price of $0.25 per Note was set at 63% premium to the 5 day volume weighted average price for Shares trading on ASX prior to the initial announcement. The Notes have a maturity date that is five (5) years from the date of their issue. Interest is payable on the Notes at the rate of 8% (paid half yearly). The key terms of the Notes are set out in the Company's notice of meeting dated 26 April 2013.

Blackham wishes to announce that following the Meeting Blackham and Great Central have agreed to amend the timetable for the drawdown and subscription of the Notes. Under the amended timetable Great Central has agreed to a monthly drawdown of 4,000,000 Notes (having a face value of $1 million) per month from July 2013 through to April 2014. The revised drawdown is subject to Blackham receiving any further Shareholder or regulatory approvals that may be required including any ASX Listing Rule waivers required to permit the issue of the first 20,000,000 Notes to Great Central in accordance with the revised timetable rather than within the one month period ordinarily required by Listing Rule 10.13.3.
Great Central has agreed that once all of the 40 million Notes have been drawn down, the Notes will automatically convert into Shares. The Company will benefit from the certainty of the amended drawdown timetable as it will result in less interest being payable by the Company whilst also removing the requirement for the repayment of the Notes by an agreed conversion date when drawdown is completed.

To View the Matilda Resource Inventory, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-638105.pdf


About Wiluna Mining Corporation Ltd

Wiluna Mining Corporation LtdWiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF)  is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.

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Contact

Bryan Dixon
Managing Director
Blackham Resources
T: +61-8-9322-6418

Tony Dawe
Professional Public Relations
T: +61-8-9388-0944



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