BlackEarth Minerals NL (ASX:BEM) has fully paid the balance of more than 7.725 million BEM shares at 5.99 cents per share for total consideration of $462,774.
More than 12.334 million BEMAF and 5.192 million BEMAC shares remain on issue.
A statement will be issued shortly to those shareholders who paid all outstanding amounts on their BEMAF and BEMAC holdings.
The company requests ASX changes designation of these 7.725 million shares to the ASX code BEM and reduce the number of BEMAF by 6,808,000 part paid shares, as well as the number of BEMAC by 917,780 part paid shares.
Graphite project funding discussions
BlackEarth has initiated discussions with several potential project funding partners in Australia and Europe focusing on the development of its planned graphite project in Madagascar along with downstream processing operations.
These discussions are supported by BlackEarth’s recent signing of an MoU with Urbix Resources Inc and a supply and marketing agreement with Luxcarbon GmbH, Germany.
The timing of project funding decisions will be coordinated with the company’s ongoing bankable feasibility study (BFS) that is progressing well and anticipated to be completed later this year.
BlackEarth plans to fast-track the development of its wholly-owned, high-grade graphite projects in Madagascar and is working on a priority basis to develop downstream operations to produce graphite processed products that can feed the growing EV market.