$3M cash raised ahead of Hawkins drilling
This morning BPM came out of a trading halt having raised $3M via a well supported placement @21c per share to leading domestic institutional investors and high-net-worth investors. The placement also came with 1 free option that will be exercisable @28c with a two year expiry.
We like that the funds have been earmarked to drive “aggressive exploration” at the Hawkins lead-zinc Project, at which BPM has planned a 7,500m Air Core/Reverse Circulation drilling program later this month.
The shares from the capital raise will be issued as follows:
- $2.6M of the shares issued on 11 April.
- $400k of the shares + the options issued after shareholder approvals in May.
In our 2022 Investment Memo, we mentioned that the Hawkins Project which sits along strike Rumble Resources’ lead/zinc discovery in the Earaheedy Basin. We are primarily invested in BPM to see it attempt to replicate the success of Rumble in this part of WA.
The placement follows an announcement a few weeks ago, that BPM is moving forward with the 7,500 metre Aircore/RC drilling program that’s planned for mid-April.
As you can see, this drilling program was the primary objective that we wanted to see BPM achieve this year.
What’s next: we’ll be looking for confirmation that the drilling program has begun, ahead of any updates on drilling progress/results.
To see why we think the Hawkins Project is BPM’s best drilling prospect check out our previous note on BPM here.
