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Black Rock Mining raises USD 3.0 million in over subscribed placement

Mining News - Published on Thu, 14 Mar 2019

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Tanzanian graphite developer Black Rock Mining Limited announced it has successfully raised USD 3.0 million through an oversubscribed placement to institutional and sophisticated investors comprising 46,153,846 new fully paid ordinary shares at USD 0,065 per share. The placement price of USD 0,065 per share represented a 9.7% discount to the last closing share price. Black Rock Mining CEO, Mr John de Vries, said that "This placement of USD 3 m enables Black Rock to complete final engineering to become construction ready for the 250k tonne per annum Mahenge Graphite Mine. We have already demonstrated industry leading concentrate grade and likely lowest cost into the supply chain, given our grade, strip ratio, grid electricity and logistics solution.

In addition, we have secured up to 205k tonnes per annum of offtake to credible graphite industry participants. In just over two years we have advanced Mahenge from a Scoping Study to a fully permitted project. This progress has only been possible through the support of our shareholders. We thank new and existing shareholders for their continued support of the company as we develop the world's premier graphite project.”

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Posted By : Rabi Wangkhem on Thu, 14 Mar 2019
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