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BlackGold to raise up to S$8.2m from placing 66.7m shares at S$0.123

CATALIST-LISTED Indonesian coal miner BlackGold Natural Resources said it will place out up to 66.7 million shares at S$0.123 each to raise S$8.2 million.

The placement price is at a discount of about 9.36 per cent to the volume weighted average price of S$0.1357 for trades done on June 19, before trading was halted.

"The company intends to use part of the net proceeds for its business investment purposes, including developmental expenses relating to the Riau 1 Project, and also to further strengthen its working capital position," BlackGold said.

The total number of issued shares could increase to 930.9 million from 864.2 million. The placement shares represent about 7.7 per cent of BlackGold's share capital (excluding treasury shares) and about 7.2 per cent of the enlarged share capital assuming a successful placement.

SAC Capital Private Limited has been appointed as the placement agent.

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