- BlackEarth Minerals (BEM) has completed a bookbuild and secured commitments for a $1.4 million placement
- More than 28 million fully-paid ordinary shares will issued to institutional and professional investors at five cents each
- BlackEarth will use the funds to begin work at the Maniry Graphite Project in Madagascar with aims to progress the definitive feasibility study
- The company will also use the money for general working capital purposes such as geotechnical work, metallurgical testing, and independent studies
- Results have peaked at 50.78 per cent total graphitic carbon (TGC), grades typically sit between seven to 20 per cent TGC
- BlackEarth has ended the day 15.4 per cent in the red with shares trading for 5.5 cents each
