By Susanna Moon
Chicago, July 5 - Blackham Resources Ltd. said it received commitments for A$40 million through an over-subscribed standby equity facility.
The standby equity facility is an interest-free loan to the company to be used for acquiring a 60% stake in a Russian coal project.
The loan from professional and sophisticated investors will be converted into 40 million shares for A$1.00 each if the company acquires an interest in the project by June 30, 2008. If the company is unsuccessful in acquiring the project, the funds will be repaid to investors without interest.
Investors include the company's Russian partners, Marr Trading Ltd., Kingsreef Pty Ltd., sophisticated and professional clients of Carmichaels Capital Markets and Tricom Equities as well as other brokerage firms and investment funds.
Blackham is an exploration company based in Leederville, Australia.
| Issuer: | Blackham Resources Ltd.
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| Issue: | Standby equity facility
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| Amount: | A$40 million
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| Conversion price: | A$1.00
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| Conversion rate: | For 40 million shares if the company acquires an interest in the Russian coal project by June 30, 2008
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| Investors: | Includes the company's Russian partners, Marr Trading Ltd., Kingsreef Pty Ltd., sophisticated and professional clients of Carmichaels Capital Markets and Tricom Equities as well as other brokerage firms and investment funds
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| Pricing date: | July 5
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| Stock symbol: | Australia: BLK
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| Stock price: | A$1.00 at close July 4
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