BlackEarth Minerals NL (ASX:BEM) shareholders have fully paid the balance on an additional 4,807,220 BEM partly paid ordinary shares, raising $287,952
The shareholders paid 5.99 cents for each BEMAF or BEMAC share with 8,869,750 BEMAF and 3,860,000 BEMAC part-paid shares remaining on issue.
This follows shareholders having paid the balance of more than 7.725 million BEM shares at 5.99 cents per share for total consideration of $462,774 on February 23.
A statement will be issued shortly to those shareholders who paid all outstanding amounts on their BEMAF and BEMAC holdings.
BlackEarth requests ASX changes designation of these 4,807,220 shares to the ASX code BEM and reduce the number of BEMAF by 3,475,000 part paid shares as well as the number of BEMAC by 1,332,220 part paid shares.
Stage-2 large-scale pilot test program
The company has started a three-month 60-70 tonnes, large-scale pilot, metallurgical test program on graphite from its Maniry Project in Madagascar.
The stage 2 pilot test will finalise all process engineering related matters as part of the company’s definitive feasibility study (DFS) with results to finalise DFS processing-related parameters.
Graphite concentrate produced will be used to help finalise binding offtake and downstream arrangements.
The test program is planned to be completed next quarter and will assist the company to fast-track project funding and commence plant construction.