Blackstone Minerals Ltd completes A$5.3 million share purchase plan to follow A$22 million placement - Proactive Investors Australia

Applications received under the SPP totalled A$5.3 million, adding to the A$55 million Blackstone raised via a two-tranche placement to sophisticated and professional investors.

Blackstone Minerals Ltd (ASX:BSX, OTCQX:BLSTF) has raised A$5.3 million in an oversubscribed share purchase plan (SPP), part of the ongoing A$60 million capital raise to fund its Ta Khoa Nickel-Copper-Platinum Group Element (PGE) Project in Vietnam.

As per the SPP, the company will issue 9.1 million shares at A$0.58 cents apiece on November 26, 2021, with trading on the ASX expected to begin on November 29, 2021.

This fresh cash injection will get Blackstone ready for the next stage of work at its flagship battery metals hub, namely commissioning a phase two pilot plant, completing feasibility studies and further exploration in the Ta Khoa district.

Capital raise progress

Applications received under the SPP totalled A$5.3 million, adding to the A$55 million Blackstone raised via a two-tranche placement to sophisticated and professional investors.

The first tranche, comprising more than 38 million new shares, was issued at A$0.58 per security and raised A$22.1 million before costs.

Tranche two of the raise will include nearly 57 million shares and is anticipated to raise a further A$32.9 million.

The second placement tranche is subject to shareholder approval, which will be sought at a general meeting on December 16, 2021.

Next steps

Applicants under the SPP will receive a letter in the coming days...

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