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Blackham Resources Ltd to Undertake Significant Recapitalisation

02.01.2018  |  ABN Newswire
Perth - Blackham Resources Ltd. ("Blackham" or "the Company") (ASX:BLK) (OTCMKTS:BKHRF) is very pleased to announce the granting of an extension by its lender, Orion Fund JV Limited ("Orion"), to defer the 31 December 2017 maturity repayment date of the Term Loan to 15 January 2018, pursuant to a standstill agreement entered into by Blackham with Orion and Blackham's key mining contractor, MACA Limited ("MACA") and Osisko Bermuda Limited, its offtaker, forming the first step in a significant recapitalisation strategy being pursued by the Company.

Highlights

- Standstill agreement defers the 31 December 2017 repayment date of Blackham's non-amortising term loan ("Term Loan")

- Discussions are well progressed to refinance the Term Loan during the standstill period and ahead of a broader recapitalisation

- Blackham to undertake an entitlements issue to raise ~A$36 million, to be launched in mid-January 2018 following the refinancing of the Term Loan

- The recapitalisation plan is underpinned by the intended support of Blackham's secured lender (Orion) and key mining contractor (MACA)

- Milan Jerkovic to become Executive Chairman, strengthening the executive management team

Blackham is also well advanced with negotiations to refinance the Term Loan, with settlement expected to occur by 15 January 2018.

Immediately following the refinancing of the Term Loan, Blackham will undertake an entitlements issue to raise ~A$36 million. All of Blackham's Directors will be participating in the entitlements issue to the extent they are able to finance their respective entitlements.

The recapitalisation strategy being pursued by Blackham, comprising the standstill agreement, Term Loan refinancing and the entitlements issue, is underpinned by the intended support of Orion, MACA and Pybar Mining Services Pty Ltd of Blackham's 6.5Moz Matilda-Wiluna Operations, which are transitioning to stable production and strong operational cashflow.

As part of the recapitalisation strategy, Blackham's Non-Executive Chairman Milan Jerkovic will become Executive Chairman, taking a leading role in the operations and management of Blackham.

Mr Milan Jerkovic (Non-Executive Chairman) said "The entitlements issue will provide the opportunity for eligible shareholders to increase their holdings at an exciting time in the Company's Matilda-Wiluna Gold Operation. Whilst 2017 has been a tough year for Blackham, the 2018 operational outlook for our Matilda- Wiluna Gold Project is very strong. I am looking forward to taking a more active role with Blackham as Executive Chairman in what I expect to be a transformational year of strong operational performance which will generate significant operational cashflow for Blackham and its shareholders.

The recapitalisation will ensure that Blackham is fully financed with a strong balance sheet to enable it to close out its finance facility with Orion in 2018 and to execute on its forward plans, which will include significant ongoing exploration drilling targeted at both new deposits and at increasing gold reserves (currently some 15Mt @ 2.5g/t for 1.2Moz) by converting more of Blackham's ~6.5Moz of gold resources (65Mt @ 3.1 g/t for 6.5Moz) to reserves."

Mr Bryan Dixon (Managing Director) said "The support from Blackham's lender and mining contractor demonstrated their belief in the potential of the Company's Matilda-Wiluna Gold Operation."

The Company will remain in Voluntary Suspension until the earlier of 15 January 2018 or the announcement of the completion of the re-financing and re-capitalisation plan.

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About Blackham Resources Ltd:

Blackham Resources Ltd. (ASX:BLK) (OTCMKTS:BKHRF), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. The Matilda/Wiluna Gold Operation incorporates over 1,000 square kilometres of tenements containing total JORC 2012 resources of 63Mt @ 3.2 g/t for 6.4Moz of gold. These tenements cover around 55 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine and Coles Find Sequence has historically produced 4 million ounces of gold.

All the deposits are within 26 kilometres by existing haul roads of Blackhams recently acquired Gold Plant. With exploration prospects at Mt Poole, Monarch, Carroll Prior, Red Lady, Zenith, Island and Albion in the Lakeway area provides the company with excellent exploration areas for potential future projects.



Contact:

Bryan Dixon Managing Director
Blackham Resources Ltd.
Office: +61-8-9322-6418

Milan Jerkovic Non-Executive Chairman
Blackham Resources Ltd.
Office: +61-8-9322-6418

Jim Malone
Investor Relations Manager
Blackham Resources Ltd.
Office: +61-419-537-714

John Gardner
Media Enquiries Citadel Magnus
Office: +61-8-6160-4901

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