Blackham Resource Ltd (ASX:BLK) has now settled the rights issue which raised $35.9 million in funding through the issue of 897.6 million shares and 448.8 million options.
Normal trading of the new shares and options is expected to commence today.
Funding places Blackham in a strong position to execute on its free milling mine plan, as well as to advance exploration focused on growing its free milling mine life.
Furthermore, Greg Fitzgerald has been formally appointed as a non-executive director to the board.
Fitzgerald is a chartered accountant with more than 30 years of gold mining and resources related experience
Multiple drill programs to commence
Blackham plans to commence a number of drilling programs focused on growing free milling reserves through resource conversion.
Drilling will also focus on identifying additional mineralisation to maintain a free milling mine life greater than 5 years.
The initial drill program will commence next week and more information on the targets will be provided shortly.