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Blackstone Minerals halted ahead of alliance announcement for Ta Khoa Nickel Project in Vietnam

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

Blackstone Minerals Ltd - Blackstone Minerals in trading halt ahead of Ta Khoa Nickel Project MoU
The company is planning to add additional drill rigs at Ta Khoa

Blackstone Minerals Ltd (ASX:BSX) is in a trading halt pending an announcement with regards to a Memorandum of Understanding relating to an alliance on its Ta Khoa Nickel Project in northern Vietnam.

The halt will remain in place until the beginning of normal ASX trade on Monday, December 2, 2019, or when an announcement is made to the market, whichever occurs earliest.

Shares in Blackstone, which has a market cap of approximately $23 million, last traded at 12 cents.

Firm commitments for placement

In September the company 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, eligible shareholders also had the opportunity to participate in a share purchase plan (SPP) to raise $500,000 at the same issue price per share.

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

The net funds raised under the placement and the SPP were spent towards exploration at the Ta Khoa project and other working capital.

Quick facts: Blackstone Minerals Ltd

Price: 0.165 AUD

Market: ASX
Market Cap: $31.64 m

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on 19/12/19

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