Applications for entitlements totalling $26.19 million, before costs, were received from existing shareholders and rights holders, representing acceptances of circa 73%.
In addition, Blackham received additional applications from existing shareholders for a further $4.97 million to give a total shareholder take-up of up to 87%.
Milan Jerkovic, chairman, said: “It was very pleasing to see such a high level of participation in the entitlement offer and I would like to thank all shareholders for their continued and valued support.
“We would also like to take the opportunity to welcome our new shareholders who will be taking up shortfall securities pursuant to the issue of shortfall securities to sub-underwriter clients of Hartleys Limited.
“Blackham in a strong position”
“The funds raised from the entitlement offer puts Blackham in a strong position to execute on its free milling mine plan, as well as to advance exploration focused on growing our free milling mine life.
“As demonstrated by the strength of our operations in December 2017 and January 2018, the company is at an exciting stage, with 2018 likely to be a transformational year of strong operational and financial performance.”
Under the offer, Blackham is able to issue circa 897.67 million new shares on the basis of five new shares for every two Blackham shares held on the record date at an issue price of $0.04 per share.
The offer also included one free attaching option, exercisable at $0.08 on or before 31 January 2019, for every two new shares subscribed for.
The anticipated date for despatch of holding statements for the new shares and new options is 20 February 2018.
Normal trading of the new shares and new options is also expected to start on 20 February 2018.