Black Rock to raise $5m

Local explorer Black Rock Mining has received firm commitments for a $5 million capital raising, including from an entity associated with its chairman, Stephen Copulos.

Black Rock will place about 66.7 million shares at 7.5 cents each to raise the funds, with $1 million committed by Copulos Group, which already has a controlling 25 per cent stake in the business.

Cash raised from the placement will be used to finalise a JORC resource at Black Rock’s Mahenge graphite project in Tanzania, and to commence scoping studies.

Black Rock will also use proceeds from the raising to fund the acquisition and exploration of the Bagamoyo graphite project in Tanzania, which it is buying from an undisclosed party.