Ann: Trading Halt, page-8

POSCO-backed graphite developer Black Rock Mining had its brokers rounding up investors for a $25 million placement on Wednesday morning at 24¢ a share, a 12.7 per cent discount to the last close.Graphite is used in battery-reliant technology such as smartphones and electric cars. There was room for $10 million in oversubscriptions, according to the term sheet sent to potential investors.They were told Black Rock would use the funds raised for development activities at its Mahenge graphite project in Tanzania, which it reckons is the second-largest reserve globally.It has a strategic alliance with South Korean steel giant POSCO, which is a cornerstone offtaker and bought a 15 per cent stake in the company last year.Mahenge is an open pit mine, for which the company’s advised of 340ktpa production and initial operating life of 26 years.Shaw and Partners and Aitken Mount Capital Partners were the joint lead managers on the raise.Bids were due 5pm Wednesday. Black Rock Mining had a $240 million market capitalisation before the raise.