Polo Resources notes Blackham Resources raises about A$25m

Polo Resources said investee company Blackham Resources has raised about A$25m by placing roughly 25m new A$1 shares to fast-track expansion plans at the 5.1Moz Matilda Gold Project.

The raising was oversubscribed and received strong institutional support.

It said the placement price represented a 2% gross discount to the five-day volume-weighted average price prior to ASX-quoted Blackham entering into a trading halt on Aug. 17.

The Matilda Gold Project is 100% owned by Blackham.

At 11:55 BST, shares in Polo were up 10.13% to 6.85p.