BlackEarth Minerals NL (ASX:BEM) shareholders have fully paid the balance unpaid on an additional 1,365,574 BEM partly paid ordinary shares in the company, raising $81,797.88.
The shareholders paid $0.0599 for each BEMAF/BEMAC.
Additionally, partly paid shareholders have paid 2 cents for 2.975 million partly paid shares as part of the call announced on May 6 for a total consideration of $59,510.
Statement issued shortly
BlackEarth requests ASX changes the designation of these 1,365,574 shares to the ASX code BEM and reduce the number of BEMAF by 480,574 part paid shares and the number of BEMAC by 885,000 part paid shares.
A statement will be issued shortly to those shareholders who paid all outstanding amounts on their BEMAF and BEMAC holdings.
Auction for remaining part paid shares
The company is planning to hold an auction for the remaining BEMAF partly paid shares due to the non-payment of a call on these shares.
These shares are credited as paid to $0.0001 per share and unpaid to $0.0599 per share.
The auction is scheduled for Friday, July 2, at 2pm WST at the company’s premises, Level 3, 1138 Hay Street, West Perth, WA, 6005.
Extensive drilling at Maniry
On May 25, BlackEarth started drilling at Maniry Graphite Project in southern Madagascar targeting additional high-grade resources to boost the current JORC resource of 20.2 million tonnes at 6.51% total graphitic carbon content (TGC).
This follows the completion of preparatory planning and trenching with the initial 1,000 metres of diamond drilling targeting Razafy Northwest which was identified as a high priority target following initial trenching completed in early 2019.
The company plans to release an updated resource estimate in the third quarter of 2021 and an expanded JORC resource can position BlackEarth as one of the largest graphite concentrate developers in Madagascar.