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Polo Resources Limited RNS Release

BLACKHAM RESOURCES - UPDATE

RNS Number : 6314H
Polo Resources Limited
19 August 2016
 

19 August 2016

 

 

 

 

 

 

Polo Resources Limited

 ("Polo" or the "Company")

 

BLACKHAM RESOURCES - UPDATE

 

Polo Resources Limited (AIM: POL), the natural resources investment company with interests in oil, gold, coal, copper, phosphate, iron and vanadium, is pleased to announce that its investee company, Blackham Resources Limited ("Blackham") (ASX: BLK) has raised approximately A$25 million through a placement of approximately 25 million new shares at a price of A$1.00 per share to fast track expansion plans. The placement price represents a 2% gross discount to the 5 day VWAP prior to Blackham entering into a trading halt on 17 August 2016.  The raising was oversubscribed and received strong institutional support.

The Placement proceeds will be used at Blackham's 100% owned 5.1Moz Matilda Gold Project ("Matilda") with the aim of:

·     expanding the oxide and free milling resources and reserves

·     growing the sulphide open pit and underground mine plan and reserves

·     fast tracking the plant expansion study and sulphide circuit refurbishment

·     strengthening the balance sheet and increasing working capital  

Blackham reports that Matilda gold production is targeted within 3 weeks:

·      Matilda open pit mining is into ore

·      Plant refurbishment and new tailing dam near completion

·      Power station has been commissioned and 290 room mining camp fully operational

The full details of Blackham's announcements and their presentations for investors can be found at www.blackhamresources.com.

 

For further information, please contact:

Polo Resources Limited

Kudzayi Denenga, Investor Relations

+ 27 (0) 787 312 919



ZAI Corporate Finance Ltd (nominated adviser)

Ray Zimmerman, Peter Trevelyan-Clark

 

+44 (0) 20 7060 2220

Liberum Capital (broker)

Henry Freeman

+44 (0) 20 3100 2000



Blytheweigh (public relations)

Tim Blythe, Rachael Brooks, Camilla Horsfall

+44 (0) 207 138 3204 



About the Company

Polo Resources Limited is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo, please refer to: www.poloresources.com. 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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