BlackEarth Minerals NL (ASX:BEM) shareholders have fully paid the balance unpaid on an additional 535,000 BEM partly paid ordinary shares, raising $32,046.50.
The shareholders paid $0.0599 for each BEMAF and around 5,543,750 BEMAF and 3,860,000 BEMAC remain on issue.
A statement will be issued shortly to those shareholders who paid all outstanding amounts on their BEMAF and BEMAC holdings.
Blackearth has requested ASX to change the designation of these 535,000 shares to the ASX code ‘BEM’ and reduce the number of BEMAF by 535,000 part paid shares.
$4.89 million raised in oversubscribed placement
On April 12, the company completed a bookbuild and secured commitments from domestic and international institutional and sophisticated investors to subscribe for around 36.13 million new fully paid ordinary shares at $0.135 per share for proceeds of A$4.89 million.
Funds raised in the heavily oversubscribed placement that was well supported by new and existing investors will be applied towards completing a definitive feasibility study (DFS) for the Maniry Graphite Project in Madagascar.
Following the placement, the company’s cash balance has increased to around $7.4 million.