Blencowe raises £3m in support of Orom-Cross financing readiness
London-listed Blencowe Resources has raised £3-million through a placement of just under 43-million new ordinary shares at a placing price of £0.07 apiece.
The funds will provide near-term working capital and operational flexibility for the group as it works to execute project readiness for its Orom-Cross graphite project, in Uganda.
Blencowe earlier this month published a definitive feasibility study (DFS) on the project that confirmed the immense economic and shareholder return potential of the project.
The company continues to progress project financing discussions with development finance institutions, strategic industry partners and government-backed funding bodies for Phase 1 of the development. Blencowe expects this funding to be structured mostly outside of Blencowe equity.
“The fundraise provides Blencowe with additional flexibility and momentum as we move decisively into the financing and development phase of the project. The DFS has materially strengthened the company’s position, broadening our access to capital and counterparties and enabling us to raise funds on improved terms,” explains chairperson Cameron Pearce.
He confirms that the placement proceeds will support early execution activities, advance existing commercial and offtake discussions and support the financing engagement and preparatory work typically required during financing processes.
“We believe Orom-Cross is now well positioned to progress through the next stage of development with a strengthened balance sheet and growing interest from a range of funding and commercial partners."
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