Blackstone Minerals raises A$22.1 million in first tranche of A$55 million capital raising

Blackstone Minerals Ltd has made good on the first phase of its plan to raise A$55 million to continue driving its Ta Khoa Nickel-Copper-Platinum Group Element (PGE) Project in Vietnam toward production.

The first tranche of more than 38 million new shares was issued at A$0.58 and has raised A$22.1 million before costs.

Tranche two of this capital raising will comprise nearly 57 million shares and is anticipated to raise a further A$32.9 million.

These Tranche 2 shares will be subject to shareholder approval at a shareholder meeting expected to be held on December 16, 2021.

Funds for next stage of works 

These funds will help Blackstone prepare for the next stage of works at its battery metals hub, which includes commissioning a phase two pilot plant, feasibility studies and further exploration at Ta Khoa. 

Read: Blackstone Minerals readies for new pilot plant phase of nickel sulphide project with A$60 million capital raise

The company is working toward becoming a supplier of choice in the lithium-ion battery and electric vehicle markets.

Blackstone is developing the district-scale Ta Khoa Project in northern Vietnam where the company has a maiden resource and scoping study for the large-scale Ban Phuc Nickel-Copper-PGE deposit. 

Ongoing programs for the previously operating nickel sulphide project include the investigation of downstream battery metals processing options in Vietnam.

- Susanna Nelson

Story by ProactiveInvestors