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.