Gutnick likely to take stake in gold minnow
Blackham asked for a trading halt on Friday ‘‘pending the release of an announcement to the market regarding the company’s funding arrangements’’.
It told the ASX it would resume trade by Wednesday morning ‘‘or upon the release by the company of the announcement regarding its fund-raising arrangements’’.
Market sources said Mr Gutnick was likely to take an initial stake of 19.9 per cent, with further funding expected to be available over time.
Shares in Blackham, which has a market capitalisation of just $9.6 million, last changed hands at 15¢.
The company burnt through $1.32 million in cash in the three months to the end of December, leaving it with just $173,000 cash, it told the exchange on Thursday.
Its efforts are concentrated on exploring and developing the Matilda gold project in Wiluna, Western Australia, which last month said it could contain up to 1.5 million ounces of gold.
It moved into gold about a year ago after having difficulty finding a partner to develop its Scaddan coal-to-liquid project through to production.
Matilda was one of a clutch of gold assets formerly owned by Mr Gutnick’s listed vehicle Great Central Mines, which was taken over by Robert Champion de Crespigny’s Normandy Mining in controversial circumstances in 1999.
Normandy was in turn taken over by American gold producer Newmont in 2002.
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Market sources in the article say Joe Gutnick is likely to take an initial stake of about 19.9% in Blackham Resources, with further funding expected to be available over time.
Blackham requested a trading halt pending the release of an announcement to the market regarding the company’s funding arrangements, according to its ASX notice.
The company told the ASX it would resume trade by Wednesday morning or upon release of the funding announcement, though the article also noted the stock may emerge from the halt perhaps as early as Monday morning.
Blackham reported it burned through $1.32 million in cash in the three months to the end of December and was left with $173,000 in cash, per its update to the exchange.
The article states Blackham had a market capitalisation of about $9.6 million and its shares last changed hands at 15 cents.
Blackham’s main focus is the Matilda gold project in Wiluna, Western Australia, which the company said could contain up to 1.5 million ounces of gold.
About a year ago Blackham moved into gold after having difficulty finding a partner to take its Scaddan coal-to-liquid project through to production, prompting the company to shift focus to gold assets like Matilda.
Matilda was one of several gold assets formerly owned by Joe Gutnick’s listed vehicle Great Central Mines. Great Central was taken over by Normandy Mining in controversial circumstances in 1999, and Normandy was later taken over by Newmont in 2002.
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