Blackham gets new investor
PERTH (miningweekly.com) - Junior Blackham Resources has secured A$13-million in funding from Great Central Gold to support its Matilda Gold project, in Western Australia.
Great Central would take up an initial 15.79-million shares in Blackham, at 21c a share, to raise A$3.32-million.
The placement price was a 37% premium to the five-day volume-weighted average price of Blackham shares. The placement would be conducted over two tranches, with the second placement requiring shareholder approval.
At the completion of the placement, Great Central would have a 19.8% shareholding in Blackham.
Meanwhile, Great Central had also agreed to subscribe for A$10-million in convertible notes. The notes have a maturity date five years from the date of issue, and would have an interest rate of 8%.
Great Central’s Joseph Gutnick would also be appointed to the Blackham board as an adviser, and at the end of the placement would be appointed as nonexecutive chairperson of the company.
Blackham MD Bryan Dixon said on Monday that Gutnick’s agreement to be company chairperson and to personally provide a large funding package at a significant premium, was an important validation of the quality of the Matilda gold project, and recognised the success Blackham has had in advancing the project over the past year.
“Securing this funding, in a difficult market for emerging gold companies, will enable management to continue adding value at Matilda for the benefit of shareholders,” Dixon added.
He said that the company would immediately start a 30 000 m drilling programme targeting the Williamson and Matilda mines areas.
The Matilda project currently has a resource of some 1.5-million ounces.
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