Black Rock Mining Ltd (ASX:BKT) has received a strong endorsement of its graphite strategy from existing shareholders through a heavily oversubscribed entitlement offer that was capped at $1.65 million.
A maximum of 39,308,982 new shares was offered and the company received applications including entitlement and additional applications under a top-up facility for more than 58 million shares amounting to $2,436,443.
Under the terms of the entitlement offer eligible shareholders were entitled to apply for one new share at an issue price of 4.2 cents for every 16 shares held on the record date.
Black Rock managing director and CEO John de Vries said: “On behalf of the board of Black Rock I am very grateful and humbled by the tremendous support and endorsement we have received by having 100% of our entitlement offer accepted by our existing shareholders.
“I look forward to providing our shareholders with further market updates on the development of the companys Mahenge Graphite Project.”
The companys shares were up more than 12% to 5.5 cents intra-day.
Black Rock agreed to accept all the applications including the additional applications under the top-up facility up to the maximum allowable under the entitlement offer prospectus.
The company accepted 27,957,488 shares from shareholders under their 1-for-16 entitlement and a further 11,303,536 shares as a result of the additional applications under Read More – Source