Blackstone Minerals Limited (ASX: BSX) has announced it will raise $22.6 million (before costs) through a single tranche placement of 289,808,346 fully paid ordinary shares at $0.078 per share. Blackstone Minerals is positioning itself as a major copper-gold developer in Southeast Asia. Following its merger with IDM International, the company acquired the Mankayan Copper-Gold Project in the Philippines.
The placement follows the completion of the merger with IDM International Limited to advance the Mankayan Copper-Gold Project. Macquarie Bank will cornerstone the capital raising with a A$5 million commitment. The placement has also attracted significant commitments from both Australian and international institutional investors. Evolution Capital and Wallabi Group acted as Joint Lead Managers, and Argonaut as Co-Manager.
The funds raised will finance an aggressive exploration program, including 50,000 metres of diamond drilling focused on expanding the copper-gold porphyry system at Mankayan. The issue price of $0.078 per share represents a 14.3% discount to the last close price and a 9.0% discount to the 5-day volume weighted average price prior to 27 June 2025.
Blackstone will also offer eligible existing shareholders the opportunity to participate in a Share Purchase Plan (SPP) at the same issue price of $0.078 per share, intending to raise $2 million through the issue of 25,641,025 shares. Funds from the Placement and SPP will be used for the drilling program, geophysics, IP survey, magnetics, fieldwork, metallurgical and geotechnical work at Mankayan, and general working capital.
