Black Rock Mining Ltd (ASX:BLK) has been granted a trading halt by the ASX ahead of a capital raising announcement.
The trading halt will remain in place until the start of trade on Tuesday, July 7, or when an announcement is released to the market, whichever occurs earliest.
Shares in the company, which has a market cap of approximately $30.8 million, last traded at 4.9 cents.
TIB development due diligence
Black Rock recently welcomed due diligence by TIB Development Bank Ltd, formerly known as Tanzania Investment Bank, on its Mahenge Graphite Project in Tanzania with the possibility of providing and arranging a syndicated loan facility for the development of the project.
The Tanzanian graphite developer will provide TIB and its banking partners access to the Mahenge Graphite Project data room and site access.
TIB is a parastatal bank owned by the government of Tanzania and is a registered development finance institution (DFI) in Tanzania. It has arranged and participated in numerous syndicated loan facilities for multiple national partners in the past.
Black Rock said the TIB initiative was part of its wider project funding strategy of de-risking the finance process by matching potential financiers across the capital structure to offset unique project risks.
This includes options for performance warranties through deferred capital from China Seventh Railway Group and Yantai Jinyuan, potential for cornerstone offtake with Korean industrial group POSCO and a strong and visible demonstration of local content with the inclusion of the TIB.