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

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

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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

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