$20M Placement Enhances Balance Sheet and Growth
Perth, Mar 14, 2016 AEST (ABN Newswire) - Blackham Resources Limited (
ASX:BLK) is pleased to announce that it has raised A$20.3 million through a Placement. The raising received very good institutional support and was strongly oversubscribed.
The Placement proceeds will be used at Blackham's 100% owned 4.7Moz Matilda Gold Project to:
- enable immediate commitment to the refurbishment of the Wiluna Gold Plant which is a critical path to gold production in Q3, 2016;
- to fast track Matilda reserve and exploration drilling following recent drilling success; and
- for additional working capital
Canaccord Genuity (Australia) Ltd acted as the Lead Manager and bookrunner and BW Equities acted as broker to the Placement.
Blackham's Managing Director, Bryan Dixon commented:
"Blackham is pleased with the strong support received for the Placement. The funding allows the plant refurbishment to be fast tracked at the Matilda Gold Project and delivers additional financial strength and flexibility to Blackham.
To date Blackham has focussed its efforts on re-working known resources from or adjacent to existing open pit and underground workings within the Matilda and Wiluna goldfields. Blackham has only just begun to unlock the geological potential of the Matilda, Quartz reefs and Lake Way extensions and regional prospects. We will continue to strengthen and lengthen our reserves as well as ramp up our search for game changing discoveries in a gold project with a 9Moz gold endowment."
The Placement shares will be issued under the Company's available capacity under ASX Listing Rule 7.1 and 7.1A and will be conducted by way of a Placement of approximately 45 million shares at a price of $0.45 per share.
The Placement will raise a total of $20.3 million. The Placement price of $0.45 per share represents a 9.9% discount to the 15 day VWAP prior to the Company entering into a trading halt on 9 March.
About Wiluna Mining Corporation Ltd
Wiluna 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.
| ||
|
