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Polo's investee company Blackham raises funds

The Matilda project is in Australia's biggest gold belt
Gold nuggets
The placing was oversubscribed and received strong institutional support.

Blackham Resources Limited (ASX:BLK), in which investment company Polo Resources Limited (LON:POL, TSE:POL) has a stake, has raised around A$25mln through a share placing.

Polo drew its shareholders’ attention the placing, which was down at A$1 a share, in a London stock market announcement on Friday morning.

The placing price was a 2% gross discount to the five-day volume-weighted average price of Blackham shares, Polo noted.

Funds from the issue will be used to continue development of Blackham’s wholly-owned Matilda gold project.

Blackham reports that Matilda gold production is targeted within three weeks.



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