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Blackgold uses S$5.61m from new shares placement

CATALIST-LISTED Blackgold Natural Resources has utilised S$5.61 million of net proceeds raised from two share placements in April and May 2017.

The listed energy and commodities player said after trading closed on Friday that as at June 15, 2017, S$5.52 million of the net proceeds went to fund its general working capital requirements; another S$87,000 was channelled into the development of a mine-mouth power plant.

In all, S$5.61 million out of the S$6.68 million allocated net proceeds for the power plant project and general working capital requirements were utilised as at June 15, 2017.

The listed entity raised S$3.5 million of net proceeds from the placement of over 39.5 million new ordinary shares issued at S$0.0901 per share in May 2017.

It raised a further S$3.2 million in April from the placement of over 35.9 million of new shares at S$0.09 per share in April 2017.