British Virgin Islands-based international exploration group Polo Resources Ltd, having interests in oil and gas, gold, coal, iron ore and phosphate, announced its participation in a Share Placement in ASX listed Australian gold exploration company Blackham Resources Limited, focused on the development of its 100% owned Matilda Gold Project in Western Australia.
The BVI company will purchase 4,761,905 ordinary shares in Blackham at a price 21 cents per share, for a total consideration of A$1 million and with an interest in approximately 4.2% of enlarged undiluted issued ordinary share capital of the Australian company.
Blackham will use funds raised through this and previous placements to accelerate drilling programmes aimed at conversion of resources into reserves and targeting high priority
exploration areas.