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Black Cat Syndicate Limited has successfully completed a Placement of $2.5 million at $0.20 per share before costs. Investors and directors have strongly supported the Company throughout its achievements since early last year, and continue to do so by facilitating the Placement.

“This is a strong endorsement of the results we have achieved and the inherent value investors see in Black Cat,” Black Cat Managing Director, Gareth Solly said.

Black Cat will utilise the funds raised to focus on its wholly-owned Bulong Gold Project, located 25 km East of Kalgoorlie. The project has a history of high-grade production of approximately 152,000oz @ >1 oz/t gold, mainly at the Queen Margaret mine.

The Company has made impressive achievements in its short time since listing such as: determining over 14 km of under-tested Resource potential exists within the three corridors of Queen Margaret, Myhree-Boundary and Trump, and estimating estimated that 96koz of the current Resource are potentially open pit mineable.

The placement of 12,500,000 ordinary fully paid shares at $0.20 will be completed pursuant to the Company’s 15% placement capacity under ASX Listing Rule. At a general meeting of shareholders in June 2019, the Company will seek approval to allow directors to participate for the amount of $185,000.

Black Cat’s next step is to commence and infill drilling program which will include drilling Sub-audio Magnetic Targets (SAM). The program is aimed at growing and upgrading Resources along the Myhree-Boundary corridor this month. The Company will hopefully determine the size of the Resource.

Late in 2019, Black Cat plans to upgrade Resources with Myhree at the forefront and to conduct gravity and SAM surveys across the project.  The date of the proposed June shareholder meeting will be advised in the very near future.

Please see the ASX announcement for further details

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