London-listed emerging graphite miner Blencowe Resources has announced a retail offer through a bookbuild of new ordinary shares valued at £195 000, as well as the successful raising of £1.5-million through a shares issue.

The retail offer is expected to close on November 6.

The fundraise comprised a £1-million placing of 25-million new ordinary shares arranged through Tavira Financial, and a conditional £500 000 subscription for 12.5-million new ordinary shares from senior management.

COO Iain Wearing and external sales and marketing adviser Joel Chong have each subscribed in the conditional subscription for £250 000 each.

The company intends to use the proceeds to complete a 6 000 m drill programme and advance a definitive feasibility study (DFS) on the Orom-Cross project, in Uganda, as well as for working capital.

At an attractive 4p a share entry price, the retail offer, combined with the fundraising, will enable Blencowe to close the remaining financing gap for the project and be well-capitalised to complete the DFS, says chairperson Cameron Pearce.

“Orom-Cross is strategically positioned to meet the growing demand for graphite in the energy transition and completing the DFS by mid-2025 will put Blencowe in an excellent position to deliver substantial long-term value for our shareholders,” he adds.

Blencowe expects $500 000 in grant funding shortly from the Development Finance Corporation as part of an ongoing phased $5-million grant funding.