The company announced this morning that it has raised $500,000 by way of convertible note. The note is for a 6 month period, attracts a 10% repayment or conversion premium ($550,000 in total) and automatically converts on the same terms (subject to all necessary shareholder and regulatory approvals) upon the Company’s next equity capital raising event. The funds will be used for working capital (including the recently announced restructure transaction), exploration on the Bukusu Complex and investigating additional potential synergistic farm-in opportunities.
BMZ is preparing an exploration program for the Bukusu Carbonatite complex which hosts the Busumbu
Phosphate Mine, the mapped and sampled Ngala hills copper prospect as well as identified anomalies for
rare earths metals.
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