Investing

Funds Received from Partial Sale of Codrus Shares

Blackstone Minerals Limited (ASX: BSX) (“Blackstone” or the “Company”) is pleased to announce that it has received A$0.9 million from the sale of 25 million Codrus Minerals Limited (ASX: CDR) (“Codrus”) shares through broker facilitated off market transfers.

The Company ended the March 2024 quarter with ~$4m of cash and cash equivalents and following the partial sell down of its investment in Codrus, has an estimated cash position of ~$4.9m.

Blackstone retains 10 million shares in Codrus and will maintain exposure to the portfolio of gold, uranium and rare earths projects.

Blackstone’s Managing Director Scott Williamson commented“the additional cash injection, further strengthens our cash position, coupled with the cost reduction initiatives announced earlier this year, gives the company are longer runway to advancing the joint venture partner search whilst finalising the studies and permitting activities at the Ta Khoa Project in Vietnam”.

Click here for the full ASX Release

This post appeared first on investingnews.com

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