19 Aug 2016 07:00
19 August 2016
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Polo Resources Limited
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BLACKHAM RESOURCES - UPDATE
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Polo Resources Limited (AIM: POL), the natural resources investment company with interests in oil, gold, coal, copper, phosphate, iron and vanadium, is pleased to announce that its investee company, Blackham Resources Limited ("Blackham") (ASX: BLK) has raised approximately A$25 million through a placement of approximately 25 million new shares at a price of A$1.00 per share to fast track expansion plans. The placement price represents a 2% gross discount to the 5 day VWAP prior to Blackham entering into a trading halt on 17 August 2016. The raising was oversubscribed and received strong institutional support.
The Placement proceeds will be used at Blackham's 100% owned 5.1Moz Matilda Gold Project ("Matilda") with the aim of:
路 expanding the oxide and free milling resources and reserves
路 growing the sulphide open pit and underground mine plan and reserves
路 fast tracking the plant expansion study and sulphide circuit refurbishment
路 strengthening the balance sheet and increasing working capital 聽
Blackham reports that Matilda gold production is targeted within 3 weeks:
路 Matilda open pit mining is into ore
路 Plant refurbishment and new tailing dam near completion
路 Power station has been commissioned and 290 room mining camp fully operational
The full details of Blackham's announcements and their presentations for investors can be found at www.blackhamresources.com.
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For further information, please contact:
Polo Resources Limited Kudzayi Denenga, Investor Relations | + 27 (0) 787 312 919 |
ZAI Corporate Finance Ltd (nominated adviser) Ray Zimmerman, Peter Trevelyan-Clark 聽 | +44 (0) 20 7060 2220 |
Liberum Capital (broker) Henry Freeman | +44 (0) 20 3100 2000 |
Blytheweigh (public relations) Tim Blythe, Rachael Brooks, Camilla Horsfall | +44 (0) 207 138 3204聽 |
About the Company
Polo Resources Limited is a natural resources investment company focused on investing in undervalued companies and projects with strong fundamentals and attractive growth prospects. For complete details on Polo, please refer to: www.poloresources.com.聽