Blackstone Minerals Ltd (ASX:BSX, OTCQX:BLSTF) has raised A$5.3 million in an oversubscribed share purchase plan (SPP), part of the ongoing A$60 million capital raise to fund its Ta Khoa Nickel-Copper-Platinum Group Element (PGE) Project in Vietnam.
As per the SPP, the company will issue 9.1 million shares at A$0.58 cents apiece on November 26, 2021, with trading on the ASX expected to begin on November 29, 2021.
This fresh cash injection will get Blackstone ready for the next stage of work at its flagship battery metals hub, namely commissioning a phase two pilot plant, completing feasibility studies and further exploration in the Ta Khoa district.
Capital raise progress
Applications received under the SPP totalled A$5.3 million, adding to the A$55 million Blackstone raised via a two-tranche placement to sophisticated and professional investors.
The first tranche, comprising more than 38 million new shares, was issued at A$0.58 per security and raised A$22.1 million before costs.
Tranche two of the raise will include nearly 57 million shares and is anticipated to raise a further A$32.9 million.
The second placement tranche is subject to shareholder approval, which will be sought at a general meeting on December 16, 2021.
Next steps
Applicants under the SPP will receive a letter in the coming days from registry service Automic with confirmation of their personal allocations.
Any late payments or invalid applications will be returned by Automic in accordance with the SPP terms and conditions.
Blackstone's endeavours
Blackstone is focused on building an integrated upstream and downstream battery metals processing business in Vietnam that produces nickel-cobalt-manganese (NCM) precursor products for Asia’s growing lithium-ion battery industry.
The company holds a 90% interest in the Ta Khoa Nickel-Copper-PGE Project, situated 160 kilometres west of Hanoi in the Son La Province of Vietnam.
It includes a modern nickel mine, built to Australian standards, which is currently under care and maintenance.