Balkan Mining

Placement To Fast Track Lithium Drilling Program

Balkan Mining and Minerals Ltd (ASX: BMM; “BMM” or “the Company”) is pleased to announce that it has received firm commitments to raise $1.47 million for the issue of 8,647,059 new fully paid ordinary shares (“New Shares”) at an offer price of $0.17 per New Share (“Placement”).


The Placement was conducted in part under the Company’s existing ASX Listing Rule 7.1 and 7.1A capacity of 7,647,059 shares and raised $1.3 million. Shareholder approval will not be sought for the issue of these New Shares. Additionally, Director Mr Karl Simich has subscribed for 1 million New Shares to raise an additional $170,000 which will be subject to shareholder approval under ASX Listing Rule 10.11.

Funds raised from the Placement will be used to fund phase 1 of the Company’s upcoming diamond drill program at the Gorge Lithium Project, scheduled for September 2023.

Commenting on the Placement, BMM’s Managing Director, Ross Cotton, said:

“The support shown from both new investors and BMM’s recently appointed Director, Karl Simich, validates the strong potential of the Gorge Project and the great work performed by our technical team over the last 12 months.

We look forward to completing our site works and commencing our drill campaign at the highly prospective Gorge Project, which has delivered highly encouraging rock, soil and channel samples. We welcome our new shareholders and thank all our existing shareholders for their support since our IPO in July 2021.”

Shaw and Partners Limited has acted as Sole Lead Manager to the Placement. Shaw and Partners will receive a fee of 6% of gross amount raised under the capital raising and 3,000,000 unlisted new options with an exercise price of $0.30 each and expiry date of 3 years from the date of issue of the options (“Lead Manager Options”). The issue of the Lead Manager Options is subject to shareholder approval at the Company’s 2023 Annual General Meeting (AGM) pursuant to ASX Listing Rule 7.1.


Click here for the full ASX Release

This article includes content from Balkan Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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