19th Nov 2015 10:48
LONDON (Alliance News) - Natural resources investment company Polo Resources Ltd on Thursday said it has increased its direct stake in Australian gold explorer Blackham Resources Ltd.
Polo has agreed to buy 10.0 million shares in Blackham for AUD2.1 million, an 11% discount to its closing price on Wednesday, from Perfectus Management Ltd.
Polo has acquired the shares by issuing 25.0 million Polo shares at 3.92 pence per share to Perfectus, a 36% premium to it closing price on Thursday. Shares in Polo were down 2.6% to 2.8048p on Thursday.
The new shares in Blackham will give Polo an 11% stake in the company, up from 8.3% previously.
"Our increased interest in Blackham demonstrates confidence in the potential for this company to generate strong shareholder returns," said Datuk Michael Tang, Polo's executive chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
POL.L