BlackEarth Minerals: Raises $6.8 million from “overbid” placement

BlackEarth Minerals Raises $6.8 million from “overbid” placement

• BlackEarth Minerals (BEM) raises $6.8 million from a “heavily overbid” share placement
• The company will issue about 50.65 million new shares at an issue price of 13.5 cents each, representing a 12.9 per cent discount to the closing price on January 19
• The funds will used to complete the definitive feasibility study for its Maniry graphite project in Madagascar and other development and exploration plans
• BlackEarth says the plans include continuing an extensive drilling and exploration program at the Maniry project’s high-grade Razafy NW area and adding to the resource inventory at both Razafy and Razafy NW
• BEM shares are down 12.9 per cent at 13.5 cents