Black Rock Mining Ltd (ASX:BKT) significant investor Stephen Copulos has increased his voting stake in the Mahenge Graphite Project developer to 21.15% through Copulos Group and its related companies.
Substantial holder Copulos Group has increased its stake to more than 131.657 million shares valued at almost $9 million after its investment Black Rock collected $3 million during a placement.
The broad portfolio investment group based in Victoria upped its stake by about $1 million, using the placement’s 7 cent share issue price.
The investor has exposure to a number of mining investments on the Australian Securities Exchange and has increased its holding by 14.7 million shares, or 13%, since its last notice on April 16, 2019.
Black Rock’s placement to institutional and professional investors was designed to support the graphite project developer’s financing efforts as it undertakes final permitting activities for its proposed Mahenge graphite operation in Tanzania.
West Perth company Black Rock has a market capitalisation of $42.3 million and hopes to progress its wholly-owned project to construction-ready status.
It is being supported on the financing front by Ironstone Partners.
Black Rock Mining chief executive officer John de Vries said two weeks ago: “We are delighted with the level of support we have received from our cornerstone investors and from our board.
“This placement of $3 million enables Black Rock to progress financing activities with a view to being construction ready for delivery of the Mahenge Graphite Project on resolution of the structure of the Tanzanian Government’s participation in the project.
“With the completion of our technical work program, we can now confidently focus on completing our financing and commercial activities, and completing documentation the structure of the Tanzanian Government participation in the project.
“We look forward to progressing the project to financing and execution.”
Copulos Group has also held retail, food and beverage, manufacturing and property development investments in its portfolio over the years.
Black Rock last changed hands at 6.8 cents.