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BlackEarth Minerals (ASX:BEM)- Managing Director, Tom Revy (left) - The Market Herald
Managing Director, Tom Revy (left)
Source: BlackEarth Minerals
  • BlackEarth Minerals (BEM) is set to raise $1.7 million through a share purchase plan (SPP) to eligible shareholders
  • Just last week, the company completed a $1.4 million placement
  • Under the SPP, BlackEarth will issue up to 34 million new shares for five cents each
  • Funds raised from both the placement and SPP will go towards exploration at the Maniry and Donnelly River Projects in Madagascar
  • On the market this afternoon, BlackEarth is up 1.82 per cent and is trading for 5.6 cents per share

BlackEarth Minerals (BEM) is set to raise $1.7 million through a share purchase plan (SPP) to eligible shareholders.

Last week, the company recently completed a $1.4 million placement.

Under the SPP, BlackEarth will issue up to 34 million new shares for five cents per share. Shareholders can apply for up to 600,000 shares, which is $30,000 worth.

Funds raised from both the placement and SPP will go towards Maniry and Donnelly River Projects. Work includes exploration activities, test work, studies and general working capital.

The company's flagship, Maniry Graphite Project is located in Madagascar and covers an area of around 143 square kilometres.

Previous work has defined at least 34 large-scale zones of outcropping graphite mineralisation over an area of 6.5 kilometres and 2.5 kilometres.

Shares under the SPP will be issued on November 5, 2020.

On the market this afternoon, BlackEarth is up 1.82 per cent and is trading for 5.6 cents per share at 1:07 pm AEDT.


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