Bligh Resources (ASX:BGH) has completed a $675,000 capital raising through the placement of 15,000,000 shares at an issue price of $0.045 to Tasman ASX Investment Fund One.
Notably, the issue price is a 32% premium to the last trading price of $0.034.
Tasman will hold a fully diluted 19.97% of Bligh after issue and has indicated its intention to continue to support Bligh’s growth and development in unlocking the value of its current portfolio of precious metals projects.
The funds will primarily be used for ongoing exploration and metallurgical work to further develop Bligh’s 71.9% owned Bundarra gold project in Western Australia.
Bundarra holds an ore reserve of 1.63 million tonnes at 2.29 g/t gold for 120,006 ounces of gold.
This includes 439,772 tonne at 2.21g/t gold proved and 1.19 million tonnes at 2.32g/t gold probable reserves.
The company will also maintain and further develop its Leonora gold project in Western Australia.
Subject to shareholder approval, Bligh will also issue Tasman 7,500,000 unlisted options with a 2 year expiry and strike prices of $0.05 to $0.09.
Bligh is well funded in the medium term with cash reserves of $1.3 million, and is lightly valued at under $3 million.
