Black Cat raises exploration funds
PERTH (miningweekly.com) – Junior Black Cat Syndicate will raise A$8.3-million in a share placement to fund exploration work at its Western Australian gold assets.
The company on Tuesday said it had received firm commitments for the placement of 36.88-million shares from institutional and sophisticated investors, with the placement to be priced at 22.5c a share.
The shares will be placed in a single tranche under the company’s existing placement capacity.
Black Cat will also issue a further 18.4-million options, subject to shareholder approval, on the basis of one new option for every two shares subscribed for. The options will have an exercise price of 33.75 each and will expire 24 months from the date of issue.
Proceeds from the placement will predominantly be used to fund drilling and evaluation of the Paulsens project, targeting a substantial increase in cash flow over the July restart study. The placement funds will also be used to advance discussions with a number of debt providers.
“We are excited to continue to explore at Paulsens. The recent studies we have undertaken give us an enviable baseline for the further optimisation of production outcomes and operating cash flow,” said Black Cat MD Gareth Solly.
“We are excited to continue to reinvent this iconic mine, where projected future cash flow is expected to increase substantially, together with a reduction in upfront capital expenditure. This potential is reinforced by the recent discovery of the Main Zone Extension, and the bonanza grades that we are seeing immediately adjacent to areas of the current mine plan."
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