Blackham Resources Limited has secured further funding for its 100% owned Matilda Gold Project which currently yields 1.4 million ounces of gold resources in a major Western Australia goldfield. It has agreed to issue 2,500,000 ordinary shares at AUD 0.16 per share to mainly to existing shareholders of the Company. The Investors are all professional and sophisticated investors and a separate disclosure document is not required.
Approval for the Placement falls under its 15% capacity.
The funding is in addition to the AUD 6,075,000 in undrawn funds under its funding agreement with The Lind Partners, LLC, manager of the Australian Special Opportunity Fund, a New York based institutional investor.
For further details on the Lind Funding Agreement please refer to the announcement from 26th April 2012.
The Matilda Gold Project has progressed rapidly over the last year since acquisition:
1. Increased gold resource from 310,000oz to 1.4Moz
2. Confirmed metallurgy as free milling over 83% of the resource
3. Intercept broad mineralization down plunge at M1
4. Intercept high grade mineralization down plunge at M4
5. Completed an initial scoping study at the Matilda Mine confirming robust economics USD 0.85 per share NPV and IRR 300%
Mr Bryan Dixon MD of Blackham's said that "Blackham has received significant interest in its Matilda Gold Project. The Placement and Lind Funding Agreement will allow Blackham to advance exploration efforts with the aim of unlocking significant value at its Matilda Gold Project. These arrangements ensure that our ongoing efforts are funded in the medium term."