- Black Rock Mining (BKT) is gearing up to undertake a capital raise
- The exact details of the raise are yet to be announced
- However, the company has asked to be put into a trading halt today
- The trading halt will be lifted once the capital raise announcement is made, or on July 7, 2020
- The company focuses on mining in Tanzania, where its Mahenge Graphite Project is located
- Black Rock shares last traded for 4.9 cents per share
Black Rock Mining (BKT) is set to undertake a capital raise, with details to soon be announced.
The company focuses on mining in Tanzania, where its Mahenge Graphite Project is located.
Black Rock recently announced TIB Development Bank is undertaking due diligence on the project, to determine whether a loan is possible.
"The commencement of due diligence should not imply a completed agreement and many factors can and do impact a funding decision. We look forward to working with TIB and their partners to support completion of their due diligence over the coming months," said Black Rock Managing Director John de Vries.
"Our position in developing the Mahenge Graphite Project is that for this project to be successful, we need local Tanzanian businesses to participate with Black Rock in developing the project," he added.
In the meantime, the mining company today requested a trading halt from the ASX, ahead of the capital raise announcement.
It estimates the trading halt will be lifted by July 7, 2020, or when the announcement is made.
Black rock shares last traded for 4.9 cents per share.