Blencowe Resources (BRES) has raised £3 million through the placing of nearly 43 million shares at 7p, representing no discount to the closing market price on 10 December 2025.
The fundraise follows the successful completion of Blencowe’s definitive feasibility study for the Orom-Cross graphite project in Uganda.
The study confirmed Orom-Cross as a tier-1 graphite project.
Blencowe is now continuing with project financing discussions with development finance institutions, strategic industry partners and government-backed funding bodies, and expects this to be structured predominantly outside of Blencowe equity.
The new money will provide near-term working capital, allowing the company operational flexibility as it proceeds with the financing process.
As reported in a prospectus published on 25 November, Blencowe held a cash balance of just over £1 million, and has since received a further £360,000 from the exercise of warrants and options.
"This fundraise provides Blencowe with additional flexibility and momentum as we move decisively into the financing and development phase following completion of our definitive feasibility study,” said Cameron Pearce, Blencowe’s executive chairman.
“The DFS has materially strengthened the company's position, broadening our access to capital and counterparties and enabling us to raise funds on improved terms. The proceeds will support early execution activities, advance existing commercial and offtake discussions, and support the financing engagement and preparatory work typically required as discussions with development finance institutions and strategic partners advance."
View from Vox
It’s a testament to the quality of the Orom-Cross asset that Blencowe was able to get this funding away without a discount. The company is now nicely set up to move into the financing stage for Orom-Cross in earnest.