The gold producer formally launched an underwritten five-for-two renounceable rights issue to raise around A$36 million.
The issue price is 4c per share, a hefty discount to Blackham’s last closing price of 10.5c on December 14.
While shares fell by 50.5% in early trade, they were still trading above the raising price at 5.2c per share.
Every two new shares in the issue will come with a free-attaching 8c option, expiring in January 2019.
Lead manager Hartleys completed a sub-underwriter bookbuild, which was heavily oversubscribed.
The level of demand has resulted in sub-underwriters MACA, Orion Mine Finance and Pybar agreeing to reduce their commit...