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Blackstone Minerals in trading halt with scoping study announcement upcoming

The recent placement and SPP proceeds will support ongoing exploration, resource drilling and future studies at the Ta Khoa Project in northern Vietnam.

Blackstone Minerals Ltd -
A share purchase plan has been completed, raising $3 million

Blackstone Minerals Ltd (ASX:BSX) has been granted a trading halt by the ASX with the release of a scoping study upcoming.

This halt will remain in place until the beginning of trade on Wednesday, October 14, 2020, or when an announcement is released to the market, whichever occurs earliest.

The company has a market cap of approximately $150.6 million and shares last traded at 48.5 cents after last month hitting a new 2.5 year high of 54 cents.

Successful capital raise

Blackstone recently completed a share purchase plan (SPP) to raise $3 million taking total capital raising proceeds to $20.08 million.

Funds will be used to further advance the Ta Khoa Nickel-PGE Project in Vietnam towards production.

Under the SPP, a total of 7.14 million shares will be issued at 42 cents per share.

Shares under the SPP are expected to be issued on October 12, 2020, with trading on the ASX expected to begin on October 13, 2020.

Total applications received under the SPP were in addition to the $17.8 million raised in its recently completed placement to sophisticated and professional investors which included an $8 million investment from Fidelity International.

Around 42.42 million shares with an issue price of 42 cents per share were issued upon completion of the placement.

Quick facts: Blackstone Minerals Ltd

Price: 0.37 AUD

ASX:BSX
Market: ASX
Market Cap: $118.52 m
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