- Exploration business Blackstone Minerals (BSX) will soon carry out a capital raise, after placing its shares in a trading halt
- BSX securities will remain halted from trading on the ASX until Monday, when full details of the proposed fundraising are released
- The materials stock ended September 30 with over $13 million worth of cash, enough funds to keep it going for another 2.93 quarters
- Blackstone spent the three month period advancing its Upstream Pre-Feasibility Study (PFS) for the Ta Khoa Refinery in northern Vietnam
- Company shares last traded at 69.5 cents each
Exploration business Blackstone Minerals (BSX) will soon carry out a capital raise, after placing its shares in a trading halt.
The company placed its securities in a trading halt on Thursday, with shares to remain halted until Monday.
BSX will release more information about the proposed fundraising before the market opens on November 1.
Financially, Blackstone ended September 30 with $13.48 million worth of cash in the bank — enough funds to keep it going for another 2.93 quarters.
The materials stock spent $4.59 million on operating activities during the three month period, including $3.67 million on exploration costs.
The company has been focused on advancing its Upstream Pre-feasibility Study (PFS) for the Ta Khoa Nickel-Copper-PGE Refinery in northern Vietnam.
A Downstream PFS for Ta Khoa predicted US$491 million (A$654 million) in capital expenditure would be paid back in 1.5 years from first production at the 400,000-tonnes-per-year refinery.
Managing Director Scott Williamson said the business would push ahead with first phase pilot plant work and produce a Definitive Feasibility Study for the refinery.
“The September quarter marked a major milestone event in the history of the company,
being the delivery of the Ta Khoa Refinery Pre-Feasibility Study,” Mr Williamson said.
Before today’s trading halt, Blackstone Minerals shares last traded at 69.5 cents each on October 27.