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Broken Hill Prospecting Ltd to lift cash position

Published: 16:30 24 Jun 2016 AEST

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Broken Hill Prospecting Ltd (ASX:BPL) recently raised about $1 million through a placement of shares to sophisticated and professional investors at $0.08 each.

The company will open a Share Purchase Plan with the opportunity to subscribe for shares to the value of A$2,000, A$3,000, A$5,000, A$7,500, A$12,500 or up to the maximum of A$15,000.

The issue price will be $0.081, based on a weighted average price.

BPL shares have rocketed as investors re-rated the stock from $0.027 in April in recognition of its mineral sands project upside and ascribing a higher valuation to the cobalt assets.


Fund allocation

- Upgrading and expanding resources at the 100% owned Thackaringa Cobalt Project;
- Undertaking metallurgical test programs on the Thackaringa Cobalt Project;
- Supporting marketing studies on cobalt and sulphuric acid production; and
- Providing working capital.

Trangie Johnston, CEO, recently commented: "With growing world demand for Li-batteries, our Thackaringa cobalt project has gained increased international and domestic interest.

"The Copi North Heavy Mineral Sands Project is also accelerating after a recent resource upgrade.”


Cobalt opportunity

The Thackaringa cobalt project near Broken Hill has been drawing attention given the growing importance of cobalt in new energy storage technologies and supply and demand issues for the metal.

An updated scoping study at Thackaringa will assist BPL find suitable partners to help further advance the project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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