Blackham Resource Ltd (ASX:BLK) has now settled the rights issue which raised $35.9 million in funding through the issue of 897.6 million shares and 448.8 million options.
Normal trading of the new shares and options is expected to commence today.
Funding places Blackham in a strong position to execute on its free milling mine plan, as well as to advance exploration focused on growing its free milling mine life.
READ: Blackham Resources surges 30% after record monthly gold production at low costs
Furthermore, Greg Fitzgerald has been formally appointed as a non-executive director to the board.
Fitzgerald is a chartered accountant with more than 30 years of gold mining and resources related experience
Notably, he held the positions of chief financial officer (CFO) and company secretary for ASX 200 company, Resolute Mining Limited (ASX:RSG), for more than 15 years.
Multiple drill programs to commence
Blackham plans to commence a number of drilling programs focused on growing free milling reserves through resource conversion.
Drilling will also focus on identifying additional mineralisation to maintain a free milling mine life greater than 5 years.
The initial drill program will commence next week and more information on the targets will be provided shortly.