Blencowe Resources Secures £1.12 Million to Finalize Orom-Cross Graphite DFS and Advance Financing
London-listed Blencowe Resources, the developer of the Orom-Cross graphite project in Uganda, has successfully raised £1.12 million through a combination of share placements and board option exercises.
The company completed a placing of 21.47 million new ordinary shares, generating £1.02 million, with the transaction arranged by its broker, Tavira Financial. In addition, Blencowe’s board and senior executive management exercised options for 1.67 million new ordinary shares, contributing a further £100,000.
The funds will be directed towards:
Completing the Definitive Feasibility Study (DFS), targeted for release in the fourth quarter of this year.
Advancing project financing work streams, following the recent appointment of a dedicated project finance adviser.
Supporting general working capital needs.
Blencowe confirmed that the net proceeds will fully cover the DFS while also providing momentum to immediately progress financing discussions thereafter.
As part of the placing, the company has granted 1.26 million broker warrants to Tavira.
About the Author
