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Blackham Resources executive chairman buys 31.8 million shares

Blackham is in the process of expanding gold production at its Matilda-Wiluna Gold Operations in Western Australia.

Blackham Resources Ltd - Blackham Resources executive chairman buys 31.8 million shares
The purchase was through the recently completed $26.1 million rights issue

Blackham Resources Ltd (ASX:BLK) executive chairman Milan Jerkovic has acquired 31.82 million shares as part of the recently completed 1-for-4 rights issue.

The rights issue saw 2.615 billion shares issued at a price of 1 cent each raising $26.15 million.

Jerkovic's purchase through participation in the rights issue increases his overall holding in the company to 111.04 million shares.

Proceeds to fund Stage 1 expansion at Wiluna

Funds raised will allow Blackham to finalise the Stage 1 expansion, which is part of Blackham's operating strategy to expand gold production at the 6.4-million-ounce Matilda-Wiluna Gold Operations in WA.

The Stage 1 expansion aims to increase annual gold production to between 100,000 and 120,000 ounces.

Earlier this week, Blackham signed an agreement to sell the remaining planned gold concentrate production from the Stage 1 expansion.

The gold concentrate purchase and sale agreement is with Polymetal International PLC (LON:POLY) and covers 122,500 tonnes of gold concentrate, or 70% of production, for the first 3 years.

Polymetal is a top-20 global gold producer and top-5 global silver producer with nine mines.

 

 

 

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Blackham Resources executive chairman discusses 'transformational' expansion...

Blackham Resources Ltd (ASX:BLK) executive chairman Milan Jerkovic updates Proactive Investors on new low capital cost staged expansion plans for the Matilda-Wiluna Gold Operation in Western Australia. Jerkovic says, "The current plan we put in place gives us cash flow for ten years, to...

on 28/2/19

2 min read