Blackstone Minerals Raises $600,000 via 12.4M Share Set-Off Under ATM Facility
Blackstone Minerals has secured $600,000 through the set-off of collateral shares under its ATM facility, bolstering its financial position ahead of a key merger and acquisition in Southeast Asia’s critical minerals sector.
- Raised $600,000 via At-the-Market (ATM) share set-off with Acuity Capital
- Set-off involves 12.4 million collateral shares at a deemed price of $0.0485 each
- Funding supports merger with IDM International and acquisition of Mankayan Copper-Gold Project
- Focus remains on critical minerals exploration in Southeast Asia, including Vietnam and the Philippines
- ATM collateral shares balance with Acuity Capital reduced to zero
Strategic Funding Through ATM Share Set-Off
Blackstone Minerals Limited (ASX: BSX) has quietly but effectively raised $600,000 by utilising its existing At-the-Market (ATM) Subscription Agreement with Acuity Capital. This capital injection was achieved through the set-off of 12.4 million collateral shares previously issued under the ATM facility, priced at a deemed value of 4.85 cents per share. The move not only injects fresh funds but also clears the company’s collateral share obligations to Acuity Capital, simplifying its capital structure ahead of significant corporate developments.
Backing a Merger and Acquisition Drive
The timing and purpose of this funding are closely tied to Blackstone’s ongoing merger process with IDM International, an unlisted Australian company that holds a majority stake in the Mankayan Copper-Gold Project in the Philippines. This merger represents a strategic pivot for Blackstone, expanding its footprint from its established Ta Khoa Nickel-Copper-PGE Project in Northern Vietnam into one of the world’s largest undeveloped copper-gold porphyry systems. The Mankayan project, located in a prolific mineral district in Northern Luzon, offers significant upside amid rising global demand for copper and gold.
Positioning in Critical Minerals Exploration
Blackstone’s focus on critical minerals aligns with broader market trends driven by the energy transition and infrastructure development worldwide. Copper, in particular, is a metal of growing strategic importance, underpinning electric vehicles, renewable energy systems, and modern electronics. By securing funding through the ATM facility, Blackstone ensures it has the financial flexibility to navigate the complexities of the merger and to pursue joint venture partnerships for its projects, especially in the competitive Southeast Asian mining landscape.
Investor Engagement and Transparency
The company encourages shareholders and potential investors to engage via its Investor Hub, fostering transparency and dialogue during this transformative phase. Managing Director Scott Williamson’s leadership will be critical as Blackstone integrates IDM’s assets and advances the Mankayan project towards development milestones.
Looking Ahead
While the $600,000 raised is modest in absolute terms, it is a tactical move that clears the way for Blackstone to focus on its merger ambitions without the overhang of collateral share obligations. The market will be watching closely for updates on the merger’s progress, JV partner announcements, and how Blackstone leverages its enhanced asset base in a sector marked by rising geopolitical and supply chain considerations.
Bottom Line?
Blackstone’s deft use of its ATM facility signals readiness for the next phase of growth amid a critical minerals boom.
Questions in the middle?
- What are the detailed terms and timeline for the merger with IDM International?
- How will Blackstone finance further development of the Mankayan Copper-Gold Project post-merger?
- What progress is being made in securing a joint venture partner for the Ta Khoa project?
