Strongly Supported Share Placement Raises $2.5m at $0.20
Black Cat Syndicate Limited (“Black Cat” or “the Company”) announced that firm placement commitments have been received from professional and sophisticated investors to raise $2.5M at $0.20 per share before costs.
The share placement was strongly supported by investors and directors, providing endorsement of the Company’s achievements since listing on the ASX in January 2018. Black Cat Managing Director, Gareth Solly, commented “We are pleased to have sufficient funding to focus on increasing our already robust Resource base at the Bulong Gold Project, located only 25km east of Kalgoorlie. The placement was priced at a 2.5% discount to our closing price on 29 April 2019 and a 5.3% premium to our 20 day VWAP. This is a strong endorsement of the results we have achieved and the inherent value investors see in Black Cat. We expect to have strong news flow over the balance of 2019, starting with a new round of drilling at Myhree commencing in mid-May 2019."
DJ Carmichael acted as Lead Manager to the placement.
The information contained has been prepared by third parties. No warranty of accuracy or reliability is given in relation to any advice or information contained in this document and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is given by DJ Carmichael Pty Limited or any officer, agent or employee of DJ Carmichael Pty Limited.
DJC acted as Lead Manager to a pre-IPO round of funding as well as the IPO for Black Cat Syndicate Ltd (BC8) in 2017/18 and a $2.5m Placement in April 2019, and it was paid fees for those services. Black Cat Syndicate Ltd (BC8) has engaged DJC to act as corporate adviser, and pays a fee for that service. DJC, its advisers and staff hold circa 2% of unrestricted Shares, circa 14% of restricted Shares and circa 18% of options (exercisable at $0.20 expiring 17 January 2023) on issue in Black Cat Syndicate Ltd (BC8), as at 29 April 2019.