Deal funds exploration projects, investment in the Perkoa Zinc project
By Devika Patel
Knoxville, Tenn., March 23 - Blackthorn Resources Ltd. said it completed a private placement of stock with investor Glencore International AG for about A$10 million.
The company sold 16,032,700 ordinary shares to Glencore at about A$0.6237 per share, a 4.05% discount to A$0.65, the closing share price on March 22 and a 20% premium to the 45-day volume-weighted average share price for the 45 trading days prior to March 22.
Proceeds will be used for exploration projects, including further gold exploration in Burkina Faso, possible further investment in the Perkoa Zinc project, business development, growth projects and working capital.
Blackthorn is a Sydney, Australia-based zinc, gold and copper mining company.
| Issuer: | Blackthorn Resources Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | A$10 million (approximate)
|
| Shares: | 16,032,700
|
| Price: | A$0.6237 (approximate)
|
| Warrants: | No
|
| Investor: | Glencore International AG
|
| Settlement date: | March 23
|
| Stock symbol: | Australia: BTR
|
| Stock price: | A$0.645 at close March 23
|
| Market capitalization: | A$17.87 million
|
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