Gutnick may waltz with Matilda
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 early 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, it told the exchange on Thursday.
The company's efforts are concentrated on exploring and developing the Matilda gold project in Wiluna, Western Australia, which it last month said 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 US gold producer Newmont in 2002.
Frequently Asked Questions about this Article…
Joe Gutnick is a mining veteran reported to be taking a significant position in Blackham Resources. Market sources say he may emerge with an initial stake of about 19.9% in the company, with further funding expected to be available over time.
According to market sources cited in the article, Mr Gutnick is likely to take an initial stake of 19.9% in Blackham Resources, which the report describes as almost 20%, with additional funding potentially coming later.
Blackham requested a trading halt pending the release of an announcement about the company's funding arrangements. The company told the ASX it would resume trading by early Wednesday morning or upon release of the funding announcement.
The article states Blackham Resources has a market capitalisation of about $9.6 million and that its shares last traded at 15 cents.
Blackham reported it burned through $1.32 million in cash in the three months to the end of December, leaving it with just $173,000 on hand, according to its announcement to the ASX.
The Matilda project, located in Wiluna, Western Australia, is Blackham's main exploration and development focus. The company recently said the project could contain up to 1.5 million ounces of gold.
Blackham moved into gold about a year before the article after struggling to find a partner to take its Scaddan coal-to-liquid project through to production, prompting the company to concentrate on gold assets like Matilda.
Matilda was one of several gold assets once owned by Joe Gutnick's listed vehicle Great Central Mines. Great Central Mines was taken over by Robert Champion de Crespigny's Normandy Mining in controversial circumstances in 1999, and Normandy was later taken over by US gold producer Newmont in 2002.
Call 1300 880 160
Start a chat
Schedule a call
