Blencowe Resources raises cash to progress Ugandan graphite project

(Sharecast News) - Miner Blencowe Resources has raised £1.12m to provide a "clear runway" to complete testing and aid financing of the Orom-Cross graphite project in Uganda. The company said on Friday it completed a placing of 21.47m shares at a price of 4.75p to raise £1.02m, while the board and senior executives exercised options at 6p through the issue of 1.67m shares to raise a further £100,000.

Blencowe's stock closed Thursday's session at 4.8p.

"The net proceeds are more than sufficient to complete the definitive feasibility study, scheduled for publication in Q4 2025, while also providing a clear runway to advance project financing immediately thereafter, following the recent appointment of the company's project finance adviser," the company said in a statement.