Blackstone Completes Institutional Component of Entitlement Offer

Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce the successful completion of the institutional component (“Institutional Entitlement Offer”) of its accelerated non-renounceable pro rata entitlement offer as announced on 5 December 2023 (“Entitlement Offer”).

HIGHLIGHTS

• Existing and new institutional investors highly supportive of the Institutional Entitlement Offer raising $3m and supportive of the Option Agreement over the Wabowden Nickel Project and strategy.
• Successful completion of institutional component of pro rata accelerated non-renounceable entitlement offer and institutional bookbuild.
• Commencement of retail component of the Entitlement Offer on Tuesday, 12 December 2023.

Institutional Entitlement Offer

The Institutional Entitlement Offer opened on Tuesday, 5 December 2023 and closed on Wednesday 6 December 2023 raising approximately $3m at the offer price $0.07.

The Institutional Entitlement Offer was strongly supported by existing institutional shareholders of the Company, whilst also receiving demand from new institutional investors.

Under the Entitlement Offer, eligible shareholders are invited to subscribe for four (4) New Shares for every thirteen (13) existing Shares held at an offer price of $0.07 per share.

The Company’s shares will recommence trading today on the ASX on an ex-entitlement basis.

All New Shares issued under the Entitlement Offer will rank equally with the existing Shares on issue. The Company will apply for quotation of the New Shares issued under the Entitlement Offer.

Canaccord Genuity and Argonaut Securities Pty Limited have been appointed as joint lead managers and bookrunners to the Entitlement Offer (the “Joint Lead Managers”).

Retail Entitlement Offer

Retail shareholders with a registered address in Australia or New Zealand as at 5.00pm (AWST) on Thursday, 7 December 2023 (“Record Date”) (“Eligible Retail Shareholders”) will be invited to participate in the Retail Entitlement Offer on the same terms as the Institutional Entitlement Offer.

Shareholders who are not Eligible Retail Shareholders are not eligible to participate in the Retail Entitlement Offer (“Ineligible Retail Shareholders”).

The Retail Entitlement Offer is expected to open at 9.00am (AWST) on Tuesday, 12 December 2023 and close at 5.00pm (AWST) on Thursday, 21 December 2023.

Eligible Retail Shareholders can choose to take up all, or part or none of their Entitlement under the Retail Entitlement Offer.

The Retail Entitlement Offer will be made under the transaction specific prospectus lodged with ASIC and the ASX on Tuesday, 5 December 2023 (“Prospectus”). The Prospectus will be dispatched to Eligible Retail Shareholders, together with a personalised entitlement and acceptance form on Tuesday, 12 December 2023.

Eligible Retail Shareholders may also apply for New Shares in addition to their Entitlement at the Offer Price, to the extent there is any shortfall under the Retail Entitlement Offer and will be offered on the same terms and conditions as the Retail Entitlement Offer.

Further details of the terms and conditions of the Entitlement Offer are detailed in the Prospectus dated 5 December 2023.

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