Share Purchase Plan Closes Oversubscribed
| Stock | Black Rock Mining Ltd (BKT.ASX) |
|---|---|
| Release Time | 24 Oct 2025, 8:24 a.m. |
| Price Sensitive | Yes |
Black Rock Raises A$4m in Oversubscribed Share Purchase Plan
- Share Purchase Plan (SPP) closed oversubscribed, raising A$4m
- Funds will enable acceleration of Early Works Program at Mahenge Graphite Project in Tanzania
- Extremely strong demand from supportive retail shareholders
Black Rock Mining Limited (ASX: BKT) is pleased to announce that its Share Purchase Plan (SPP), as announced on 2 September 2025, closed on 20 October 2025 with valid applications received for approximately A$6.0 million, significantly exceeding the target amount of A$2.0 million. The Company has elected to accept oversubscriptions of A$2.0 million, resulting in total SPP proceeds of A$4.0 million (before costs), being the maximum oversubscriptions approved by shareholders. The additional funding provided from the successful SPP will enable Black Rock to accelerate the Early Works Program at the Mahenge Graphite Project in Tanzania. The SPP provided eligible shareholders the opportunity to subscribe for up to A$30,000 worth of shares at an issue price of A$0.021 per share, with one free option for every share subscribed. Following the outstanding result, all valid applications received have been subject to scale-back on a pro-rata basis. A total of 190,476,033 new shares and options will be issued under the SPP on 24 October 2025. Commenting on the successful SPP, Black Rock CEO, John de Vries, said the significantly oversubscribed SPP demonstrates the market's strong belief in the Mahenge Graphite Project's potential and provides the funding to accelerate the early works program.
The additional funding provided from the successful SPP will enable Black Rock to accelerate the Early Works Program at the Mahenge Graphite Project in Tanzania.