Blackham Resources Ltd (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) substantial shareholder Delphi continues to show confidence in the company’s gold strategy, lifting its stake to 39.03%.
The German-based prolific Australian junior resources sector investor and related entities now hold more than 3.3 billion Blackham shares.
Despite difficult market conditions, Blackham’s recent non-renounceable pro-rata entitlement offer received strong support from large institutions and cornerstone investors (including Delphi) and the company's chairman Milan Jerkovic.
Blackham raised about $26.15 million before costs from the offer.
Sulphide Expansion Project
Jerkovic said after the raising: “Blackham is fortunate to have Delphi and a number of significant global institutions that stepped up during the past months market turmoil.
“We take that as a real show of support not only for the Wiluna project but for the current management team and our staged strategy to becoming one of the largest single asset gold producers in Australia.
“The resultant transformation of the Blackham balance sheet will allow the company to move rapidly ahead on its previously announced Sulphide Expansion Project.”
Delphi’s largest mining investment to date
Major Delphi shareholder and chairman of investment company Deutsche Balaton Wilhelm Zours said: “Blackham represents our largest mining investment to date and fits our long-term strategy of investing in deep value.
“Wiluna has historically been a very rich gold mine and we believe that this management team has the capability and now the balance sheet to deliver its full potential.”