Blackstone Minerals Limited (“Blackstone” or the “Company”) is pleased to announce that it has completed the institutional component (“Institutional Entitlement Offer” or “Institutional Offer”) of its partially underwritten accelerated non-renounceable pro rata entitlement offer as announced on 4 November 2024 (“Entitlement Offer” or “Offer”).

HIGHLIGHTS

• Completion of the Institutional Entitlement Offer with firm commitments received from Nanjia Capital Limited of approximately $550k.
• Commencement of retail component of the Entitlement Offer on Monday 11 November 2024.
• Retail offer partially underwritten by supportive long term shareholder, Nanjia Capital with $1.65 million firm commitment and underwriting which includes an approximate $1.1m retail offer underwriting component.
• Opportunity for our existing shareholders to participate in the capital raising on the same terms as the institutional shareholders.

The Entitlement Offer is supported by major shareholder Nanjia Capital Limited and controlled entities with a firm commitment to subscribe for entitlements under the Institutional Entitlement Offer up to approximately $550k and an agreement to underwrite the Retail Entitlement Offer up to approximately $1.1m (i.e. for a total investment of approximately A$1.65 million).

Institutional Entitlement Offer

The Institutional Entitlement Offer opened on Monday, 4 November 2024 and closed on Tuesday, 5 November 2024 raising approximately $550k at the offer price of $0.03.

Under the Entitlement Offer, eligible shareholders are invited to subscribe for one (1) New Share for every four (4) existing Shares held at an offer price of $0.03 per share.

The Company’s shares will recommence trading today on the ASX on an ex-entitlement basis.

All New Shares issued under the Entitlement Offer will rank equally with the existing Shares on issue. The Company will apply for quotation of the New Shares issued under the Entitlement Offer.

Retail Entitlement Offer

Retail shareholders with a registered address in Australia, New Zealand, Bermuda, British Virgin Islands, Brunei, Canada (British Columbia), Singapore, Germany, Hong Kong, Isle of Man, Thailand, Vietnam or the United Kingdom at 4.00pm (AWST) on Wednesday, 6 November 2024 (“Record Date”) (“Eligible Retail Shareholders”) will be invited to participate in the Retail Entitlement Offer on the same terms as the Institutional Entitlement Offer.

The Retail Entitlement Offer is expected to open at 9.00am (AWST) on Monday, 11 November 2024 and close at 5.00pm (AWST) on Friday, 29 November 2024 (unless extended).

Eligible Retail Shareholders can choose to take up all, or part or none of their Entitlement under the Retail Entitlement Offer.

The Retail Entitlement Offer will be made under the transaction specific prospectus lodged with ASIC and the ASX on Monday, 4 November 2024 (“Prospectus”). The Prospectus will be dispatched to Eligible Retail Shareholders, together with a personalised entitlement and acceptance form on or around Monday, 11 November 2024.

Eligible Retail Shareholders may also apply for New Shares in addition to their Entitlement at the Offer Price, to the extent there is any shortfall under the Retail Entitlement Offer and will be offered on the same terms and conditions as the Retail Entitlement Offer.

Details of Underwriting Agreement

The Retail Entitlement Offer is partially underwritten by Nanjia Capital Limited (an entity incorporated in Hong Kong) (”Nanjia Capital” or “Underwriter”).

The Underwriter is a substantial shareholder of the Company, which had a relevant interest in 76,856,464 Shares as at the date of the Prospectus. The Underwriter has agreed to underwrite the Retail Entitlement Offer up to approximately $1,100,000.

The obligation of the Underwriter to underwrite the Retail Entitlement Offer is subject to certain events of termination. Refer to Section 7.4(b) of the Prospectus for details regarding the key terms of the Underwriting Agreement.

For further information regarding the application and allocation of Shortfall Shares please refer to Section 3.14 of the Prospectus.

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