Highlights
- A placement of AU$0.85 million has been completed with support from institutional and sophisticated investors.
- The funds raised will be directed towards development studies and exploration across the company's manganese assets.
- Directors intend to participate in the placement by subscribing for AU$100,000, subject to shareholder approval at a general meeting.
- A share purchase plan (SPP) will be announced to raise AU$0.5 million.
Black Canyon Limited (ASX: BCA) is conducting a two-tranche placement to raise AU$0.85 million through the issue of nearly 12.1 million shares at AU$0.07 per share. The placement has garnered support from Australian Resource Investment Funds and existing sophisticated investors.
The proceeds from this capital raise will primarily fund development studies and exploration activities across the company’s manganese portfolio. This will include optimising the manganese concentrate flowsheet through metallurgical studies, conducting related feasibility assessments and drilling the high-grade Wandanya manganese target.
Additionally, funds will be allocated to advance the High Purity Manganese Sulphate (HPMSM) strategy, which involves further hydrometallurgical testwork and location assessments.
BCA shares traded at AU$0.080 apiece on 24 July 2024.
