Gold explorer gets cash injection

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 27 Apr 2012   Posted by admin

JUNIOR exploration company Blackham Resources has secured more than $9 million to fund ongoing exploration at its Matilda gold project in northern WA. New York-based The Lind Partners manages the Australian Special Opportunity Fund, and facilitated an $8.125 million funding agreement between the Australian Special Opportunity Fund and Blackham. Once the agreement has
been executed, Lind will give Blackham an initial $250,000 in the form of a $175,000 convertible security and a $75,000 pre-payment for ordinary shares in Blackham.
For the next three years, Lind will purchase between $75,000 and $250,000 worth of Blackham shares on a monthly basis.
In addition to the $8.125 million funding agreement, Blackham will issue 4.8 million ordinary shares at $0.21 each to sophisticated investors to gain a further $1.025 million. “The agreement with Lind, along with the concurrent placement to sophisticated investors, will allow Blackham to advance exploration efforts with hope of unlocking significant value at its Matilda gold project,” Blackham managing director Bryan Dixon said. “These agreements ensure that our ongoing efforts are fully funded as we advance Matilda over the coming months,” Mr Dixon added.
Blackham acquired 100 per cent of the 600 square kilometre Matilda project in November 2011. The project is in the Wiluna gold belt and includes the historic Matilda and Williamson
gold mines.
It also encompasses 40km of strike where previous mining has produced more than 4 million ounces of gold. Matilda has an inferred resource of 12.5 million tonnes grading 1.9 grams per tonne gold for 757,000oz of gold.

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