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Blackham Resources receives investment from Uk-listed Polo Resources

Last updated: 14:56 19 Mar 2014 AEDT, First published: 15:56 19 Mar 2014 AEDT

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Blackham Resources (ASX: BLK) has attracted renowned UK-listed resources investor Polo Resources (LON:POL) subscribing for A$1 million in a placement at $0.21 per share.

This is in addition to funds raised on 14 March which pushes up total placement proceeds to A$2.86 million.

The shares issued to Polo of 4.76 million ordinary shares is within the company’s existing 15% capacity threshold.

Blackham’s chairman Joseph Gutnick said: “The Board welcomes Polo Resources as a shareholder, further strengthening the Company’s register. 

"This deal further confirms my belief in the class of Blackham’s Matilda Gold Project which will benefit significantly from the acquisition of the Wiluna plant and infrastructure.”

Blackham will complete the acquisition of the Wiluna plant and infrastructure in Western Australia this week, taking control of the assets.

The deal neatly complements Blackham’s 100% owned Matilda Gold Project in Western Australia and re-positions Blackham as a near-term gold producer with a large prospective exploration package.

Significantly, the acquisition of the Wiluna Plant and infrastructure significantly reduces the timeline and capital cost of developing the Matilda Gold Project.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.


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