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Blackstone raising up to A$5M to advance Vietnamese nickel project

Blackstone Minerals Ltd. is raising up to A$5 million to advance its Ta Khoa nickel project in Vietnam and for other working capital purposes.

The company said Sept. 23 that it received firm commitments to raise up to A$4.5 million by placing 30 million ordinary shares at 15 Australian cents apiece. It will also undertake a share purchase plan at the same price to raise up to a further A$500,000.

Settlement is scheduled for Sept. 26, and shares under the purchase plan are expected to be issued Oct. 10.

Blackstone plans to add drill rigs at Ta Khoa and start a geophysical program of electromagnetic and induced polarization surveys.

The company outlined plans in May to acquire a 90% interest in Ta Khoa and raise A$2.0 million for exploration of the project and two others.