Black Canyon received commitments to raise AU$3.2 million via placement

Black Canyon Limited (ASX: BCA) has received commitments to raise $3.2 million via placement of ~9.7 million shares at AU$0.33 per share. The placement received strong support from new Investment Funds and sophisticated investors.

The funds would be used to fund further exploration and feasibility related activities over the Flanagan Bore Project. At this project, the Company recently announced 104 Mt @10.5% Mn of Indicated Mineral Resources which include a higher grade zones of 33 Mt @ 12.8% Mn. The funds would also be used to accelerate exploration activities across BCA’s portfolio of tenements and for additional working capital.

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