Blackstone Minerals Ltd (ASX:BSX) has completed its placement raising $17.82 million before costs to support ongoing exploration, resource drilling and future studies at the Ta Khoa Project in Vietnam.
Around 42,426,356 shares with an issue price of 42 cents per share were issued upon completion of the placement to sophisticated and professions investors.
Fidelity International has cornerstoned the capital raise with an $8 million investment.
Additionally, in recognition of the company’s existing retail shareholders, eligible shareholders have the opportunity to participate in a share purchase plan at the same issue price per share of 42 cents.
Raising additional $3 million
Blackstone intends to raise an additional $3 million under the SPP through the issue of 7,142,857 shares.
The company reserves the right to accept oversubscriptions under the SPP.
The issue price for the placement and the SPP represents a 14% discount to the volume-weighted average price of the shares traded on the ASX during the 10 trading days prior to September 14.
Blackstone Minerals’ managing director Scott Williamson commented: “We’re excited to welcome new long term institutional investors to our register and the opportunity to raise $21 million for Blackstone to support the ongoing exploration, resource drilling and future studies at the Ta Khoa Project.”