Sign up Australia
Proactive Investors - Run By Investors For Investors

Blackham Resources Ltd pockets A$20.3M in oversubscribed raising

Today's oversubscribed funding in still difficult capital markets, highlights the confidence and support institutions have for Blackham's future gold production strategy. Production is forecast to begin Q3, 2016.
Blackham Resources Ltd pockets A$20.3M in oversubscribed raising

Blackham Resources Ltd (ASX:BLK) received strong institutional support in a A$20.3 million oversubscribed raising.

The placement consisted of circa 45 million shares at $0.45. The funds enhance Blackham's balance sheet, and also provide a cash war chest for growth opportunities.

Bryan Dixon, managing director, 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."

Dixon added: "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.”


Analysis

Today's oversubscribed funding in still difficult capital markets, highlights the confidence and support institutions have for Blackham's future gold production strategy.

Blackham has also been attracting broker attention. Earlier in the month, stockbroker BW Equities increased its price target to $0.75 a share. Canaccord Genuity has a target of $0.80 a share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.



Register here to be notified of future BLK Company articles
View full BLK profile

Blackham Resources Timeline

Related Articles

Nevada-road-and-mountain.jpg
March 26 2017
2016 saw the Nevada-focused firm put its third mine into production
gold nuggets on a table
March 21 2017
The junior miner is making strides in developing its five gold-focused projects in Western Australia and Tasmania
Picture of gold bars of type mined by Aureus
December 10 2016
MNG Gold has strong financial backing, operational experience and is an existing operator in Liberia.

© Proactive Investors 2017

Proactive Investors Australia PTY LTD ACN:132787654 ABN:19132787654.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use