Balkan Mining and Minerals to Raise AU$750,000 via Placement

MT Newswires Live06-27

Balkan Mining and Minerals (ASX:BMM) received binding commitments to raise AU$750,000 through a placement of 15 million new fully paid ordinary shares at an issue price of AU$0.05 apiece, according to a Thursday filing with the Australian bourse.

The issue price is a 4% discount to the mineral explorer's closing price on June 24. It is also 4.9% and 8.6% lower than the five- and 15-day volume-weighted average share price.

The placement includes a one-for-two free attaching unlisted option, exercisable at AU$0.075 three years from the issue date.

Funds raised will support the company's project generation, working capital, and exploration activities in Canada, the filing said.

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