Black Rock Mining (ASX:BKT) is firmly focussed on its highly prospective graphite assets in Tanzania, where the company has recently been having exploration success.
Black Rock is also progressing the divestment of its two remaining legacy assets.
The first is the Ocean Hill hydrocarbon asset, and Black Rock said that it had been informed that a significant condition precedent to settlement of the sale of Ocean Hill to Eneabba Gas (ASX:ENB) has been completed.
The second is a geothermal asset in Hungary.
Steven Tambanis, managing director, commented:
“The company is pleased to be able to finalise the negotiation of the divestment of its remaining legacy assets for a return in excess of AUD$500,000 and with the additional equity stake in ENB valued at $1,000,000, based on a closing ENB share price of $0.025 26 November 2015.
"Subject to finalisation of the transactions, the additional funding provides Black Rock Mining with non-dilutive funding and further strengthens the company’s balance sheet.”
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