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Blackham Resources Ltd Agrees AUD 13 Million funding deal with Great Central Gold Pty Ltd


Sunday, 3 Feb 2013 06:13pm EST 

Blackham Resources Ltd (Blackham) announced that it has secured a AUD 13 million funding package for its 100% owned Matilda Gold Project in Western Australia with Great Central Gold Pty Ltd (Great Central), a private company controlled by mining industry entrepreneur Mr. Joseph Gutnick. Blackham has agreed to a Private Placement with Great Central, whereby Great Central will be issued 15.79 million Blackham ordinary shares at AUD 0.21 per share, to raise AUD 3.32 million (the Placement). The Placement will be completed in two tranches, with the first tranche (12,215,000 shares) issued under Blackham’s existing 25% capacity. The second tranche, of 3,575,000 shares, will be completed following receipt of necessary regulatory and shareholder approvals. At completion of the Placement Great Central will have a 19.8% interest in Blackham. In addition to the Placement, Great Central has agreed to subscribe for AUD10 million in Convertible Notes in Blackham (Notes). The convertible note conversion price is at 63% premium to the 5 day VWAP. The Notes have a maturity date five (5) years from the date of issue and have an interest rate of 8% (paid half yearly). Terms of the convertible notes are detailed in Appendix A. Blackham is pleased to advise that the board of Blackham offered, and Mr. Gutnick has agreed, that at the completion of the Placement Mr Gutnick will be appointed Non-executive Chairman of the Company. 

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30 Sep 2014