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Blackstone Minerals secures $4.5 million to advance Ta Khoa Nickel Project in Vietnam

Blackstone recently delivered the first ever platinum group element assays from its maiden drilling program at the Ta Khoa Nickel Project.

Blackstone Minerals Ltd - Blackstone Minerals secures $4.5 million to advance Ta Khoa Nickel Project in Vietnam
The company is planning to add additional drill rigs at Ta Khoa

Blackstone Minerals Ltd (ASX:BSX) has received firm commitments from sophisticated, professional and institutional investors to raise up to $4.5 million through the placement of shares at 15 cents per share.

Additionally, in recognition of Blackstone’s existing shareholders, eligible shareholders will have the opportunity to participate in a share purchase plan (SPP) to raise $500,000 at the same issue price per share.

The SPP provides the opportunity for eligible shareholders to subscribe for up to $30,000 worth of new shares in Blackstone.

Registered holders of Shares as at 5.00 pm (AWST) on 20 September 2019 (record date) with a registered address in Australia or New Zealand will be eligible to participate in the SPP.

The issue price for the placement and the SPP represents an 11.8% discount to the volume-weighted average price of Blackstone shares during the last five trading days.

Blackstone has the right to accept oversubscriptions under the SPP at its discretion.

The net funds raised under the placement and the SPP will be applied towards exploration at the Ta Khoa Nickel project in Vietnam and other working capital purposes.

Blackstone recently delivered the first-ever platinum group element (PGE) assays from its maiden drilling program at the Ta Khoa Nickel Project.

Initial drilling intersected platinum, palladium and gold within the Ban Phuc disseminated nickel sulphide zone (DSS), with peak assays up to 3.4% nickel and 2 g/t PGE.

Additional drill rigs to be added

The maiden PGE assays combined with the abundance of disseminated nickel sulphide targets suggest PGEs associated with the sulphide mineralisation could substantially improve Ta Khoa’s economics.

Blackstone will now add additional drill rigs at Ta Khoa and commence an extensive geophysical program of electromagnetic (EM) and induced polarisation (IP) surveys.

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