Black Bear Minerals raises $12.5M for silver
- Black Bear Minerals raised $12.5 million at $0.55 per share to fund its Shafter Silver Project.
- The share placement was secured at a set price of $0.55 per share.
- Proceeds will fund underground drilling, resource conversion, restart studies, and working capital.
Black Bear Minerals (ASX:BKB) raised $12.5 million through a share placement at $0.55 per share to advance development at its Texas silver asset.
The capital raise targeted institutional and sophisticated investors to support ongoing underground work.
"This funding lets us move straight to the work that matters, getting underground and drilling to grow and define the Shafter resource, converting the foreign estimate to JORC, and progressing engineering studies that will underpin a restart decision," said Black Bear Minerals CEO Dennis Lindgren.
Company director Matthew Hayes agreed to contribute $500,000 to the capital raise subject to approval from shareholders.
The transaction was lead managed by Canaccord Genuity as sole bookrunner.
Following the announcement, the Black Bear Minerals share price was unchanged at $0.58.
The business continues to direct funds towards underground drilling to grow its foreign operations according to local regulatory standards.
The company also allocated capital towards permitting steps and mine planning to progress towards an operational restart decision.
