Black Rock Mining (ASX:BKT) has received a change of substantial shareholder notice from Chairman Stephen Copulos' active investment company Copulos Group which invested about $1 million as part of a placement as well as on-market trades.
This took Copulos Group's shareholding to 24.11% based on purchases of 14.3 million shares to 267,068,933 shares.
Directors Steven Tambanis and Gabriel Chiappini also invested further in the company with acquisitions of 400,000 shares and 533,333 shares in the recent 2015 placement, respectively, at A$0.075 each.
Buying by directors and management is a show of confidence in a company’s future prospects with Black Rock's latest Tanzanian graphite exploration results at Ulanzi delivering its widest graphite drilling intercept yet.
Ulanzi is part of the Mahenge project which also includes the Cascade prospects.
The graphite explorer raised A$5 million in November.
The company’s initial target of raising $4 million was increased due to strong interest from investors on the back of the best drilling results ever recorded at Mahenge, including grades as high as 17.7% total graphitic carbon (TGC).
Discovery of the 123-metre graphitic zone built on early-stage fieldwork which mapped a 3.5-kilometre by 700-metre zone of graphite mineralised footprint within the project’s Central lode as well as additional graphite mineralisation identified over 7 kilometres of strike at the Wami lode.
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