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Blackham raising up to A$7M to fund Williamson gold open pit, working capital

Blackham Resources Ltd. is raising A$4 million through a share placement and up to A$3 million through a share purchase plan to fund development aiming to underpin production in fiscal 2020.

Development plans include preproduction activities at the open pit Williamson gold mine in Western Australia, a new tailings storage facility and rod mill refurbishment. The company will also use some of the proceeds for general working capital.

The placement will consist of 410,900,000 shares at 1 Australian cent apiece, with settlement expected by Sept. 15, according to a Sept. 12 release. The share purchase plan will be undertaken at the same share price, with shareholders on record as of Sept. 11 able to participate for up to A$30,000.

In June, Blackham secured a working capital facility of up to A$12 million to fund a transition to sulfide production in 2020.