I got this from my broker, does this mean some of the current...

I got this from my broker, does this mean some of the current institutional shareholders have already communicated they will not be taking up their entitlement in full or are ineligible and thats why this would be circulating??

Current large holders
DB 15%
Fidelity 7%
Nanjia/Civetta 7%
EcoPro 7%

Potentially thats a lot of shares to be soaked up by new money.

Company: Blackstone Minerals Limited
Code: BSX

Deal Summary:

Offer Price:

A$0.070 per New Share

Discount:

• 19.5% discount to the last close on 30 November 2023 of A$0.0870 per share;
• 20.9% discount to the 5-day VWAP up to and including 30 November 2023 of $0.0885 per share; and
• 15.7% discount to the Theoretical Ex-Rights Price of A$0.0832 (based on the last closing price and assuming 100% of the New Securities offered are issued).

Offer Details:

The Company seeks to raise approximately A$10.2 million by way of an Accelerated Non-

Renounceable Entitlement Offer (“ANREO” or the “Offer”).

Entitlement Offer:

• 4 for 13 offer of approximately 145.8 million New Shares at the Offer Price pursuant to an accelerated pro rata non-renounceable entitlement offer to raise proceeds of approximately A$10.2 million comprising:
  • an accelerated institutional entitlement offer (“Institutional Entitlement Offer”) which includes a bookbuild offering of New Shares not taken up by eligible institutional securityholders under the Institutional Entitlement Offer and those New Shares which would have been offered to ineligible institutional securityholders (had they been entitled to participate in the Entitlement Offer) (“Institutional Bookbuild”, which together with the Institutional Entitlement Offer is referred to as the “Institutional Offer”); and
  • a retail entitlement offer to existing eligible retail shareholders with a registered address in Australia or New Zealand or who is a shareholder that the Company has otherwise determined is eligible to participate in the retail entitlement offer on the Record Date (“Retail Entitlement Offer”).

Entitlements under the Offer:

• are non-renounceable; and
• cannot be transferred, assigned or traded on market.

Use of Proceeds:

The Offer proceeds will be used to fund the payment for the option to acquire 100% of the Wabowden Nickel Project (Wabowden) and undertaking further project optimisation activities at Wabowden during the option period, completion of the DFS for Blackstone’s Ta Khoa Refinery and general working capital.

Company Overview:

Blackstone Minerals Ltd (ASX: BSX / OTCQX: BLSTF / FRA: B9S) is focused on building an integrated battery metals processing business in Vietnam that produces Nickel:Cobalt:Manganese precursor products for Asia’s growing lithium-ion battery industry.

Integrated developer of low cost, low carbon nickel

• Low carbon nickel (9.8kg CO2/kg pCAM2)
• Integrated mining and refining (pCAM)
• 485kt of nickel sulphide resources1

Nickel market entering structural deficit

• Battery nickel demand to grow 950% by 20403
• Deficit for battery grade nickel by 2028
• Bifurcation of market expected due to ESG

Vietnam is a burgeoning EV hub

• Over 20 active mines (public and private)
• Burgeoning hub of technology and EVs
• Growth in FDI from $0.4B in 2010 to $27.7B in 2022

TRANSACTION HIGHLIGHTS

• Option to acquire 100% of the Wabowden nickel sulphide project located in the world-class Thompson nickel belt in Manitoba, Canada
• Large scale resource with significant growth potential and existing infrastructure
• Attractive opportunity well matched to Blackstone’s expertise and business model
• The acquisition of Wabowden can remove Blackstone’s need to secure third-party feed to fill its Ta Khoa Refinery for multiple decades
• Strategic 12 month option period and attractive acquisition terms (i.e. total acquisition cost of only ~A$0.03 per pound of nickel) provides Blackstone significant optionality and value upside