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Blackstone secures A$5M in placement to advance Little Gem project

Blackstone Minerals Ltd. said Dec. 12 that it secured commitments to raise A$5.0 million in a two-tranche placement to institutional and sophisticated investors.

The offering comprises 11,904,762 fully paid ordinary shares at 42 Australian cents apiece.

Proceeds from the placement will be used to fund future drilling programs at the company's Little Gem cobalt-gold project in British Columbia and exploration at its portfolio of gold-nickel projects in Australia.

Paterson Securities Ltd. acted as lead manager to the offering