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Blackham Resources has a new substantial shareholder in Delphi; share purchase plan opens

The company has opened a share purchase plan today for eligible shareholders seeking to raise up to $3 million.

Blackham Resources Ltd - Blackham Resources has a new substantial shareholder in Delphi; share purchase plan opens
Blackham is focused on its flagship Matilda-Wiluna Gold Operations in WA

Blackham Resources Ltd (ASX:BLK) has had Germany-based Delphi become a major shareholder in the company with a 7.08% holding.

The new stake includes 300 million Blackham shares acquired by Delphi Unternehmensberatung Aktiengesellschaft (AG) for $3 million by participating in Blackham’s recent share placement.

Share placement and share purchase plan

The company is raising up to $7 million to provide funding for key mine development work programs that will underpin its FY20 production, including pre-production activities at the Williamson open pit, a new tailings storage facility and rod mill refurbishment.

Blackham has already successfully raised $4 million via the share placement at 1 cent per share, supported by a small number of international and domestic institutional and professional investors.

The company has also opened a share purchase plan (SPP) today for eligible shareholders seeking to raise up to $3 million which will be used for key mine development work programs that will underpin Blackham’s FY20 production.

The SPP closes on 4 October 2019 with shares expected to be issued on 8 October 2019

Blackham is focused on its flagship Matilda-Wiluna Gold Operations in Western Australia.

The company has guided to production of between 70,000 and 80,000 ounces of gold at an all-in sustaining cost of A$1,550-$1,750 per ounce in FY2020.

This represents annual production growth of 7-22% on FY19 which produced 65,406 ounces of gold at an AISC of A$1,760 per ounce.

Quick facts: Blackham Resources Ltd

Price: 0.012 AUD

ASX:BLK
Market: ASX
Market Cap: $52.89 m
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