Bluestone in $6.6m share placement

East Perth-based Bluestone Tin Ltd aims to raise $6.6 million though a share placement, ahead of its merger with Metals Exploration Ltd.

The placement, of 38.84 million shares at 17c each, will be made with the investor clients of Sydney-based Southern Cross Equities Ltd. The deal represents 10 per cent of the company's issued capital, and is not underwritten.

Southern Cross will be paid a fee of $100,000 in respect of the placement and will be granted 2 million unlisted options convertible at 25c within 3 years of the date of issue.

Convertible noteholders will also be entitled to participate in the placement.

Funds raised will be used for working capital.