Black Rock Mining Raises $4.75m to Fund Completion of DFS

Tanzanian graphite developer Black Rock Mining Limited (BKT: ASX) has announced that it has successfully raised $4.2 million through a heavily oversubscribed placement (“Placement”) of 70 million new fully paid ordinary shares at $0.06 per share predominantly to new institutional and sophisticated investors.

As a result of the strong demand from institutional investors the Board elected to increase the size of the Placement by an additional $1.2 million, placing the Company in a strong financial position to complete a DFS on the Company’s 100%- owned Mahenge Graphite Project.

The Placement will be made in one tranche under the Company’s placement capacity in accordance with ASX Listing Rules 7.1 and 7.1A. The company issued 38,157,772 shares under its ASX LR 7.1 allowance with the balance of 31,842,228 shares being issued under its ASX LR 7.1A allowance. Foster Stockbroking Pty Ltd acted as Sole Lead Manager to the Placement.

In addition to the Placement, the Company’s Directors and advisors will seek shareholder approval to subscribe to the issue of approximately 9 million shares, or approximately $540,000 on the same terms as the Placement. Shareholder approval will be sought at a General Meeting to be held as soon as practicable. Post completion of the Placement and the 9 million shares, Black Rock will have a strong balance sheet with approximately $5.25 million in working capital available for deployment.


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