Black Bear Minerals (ASX:BKB) received firm commitments to raise AU$12.5 million through the placement of 22.7 million new shares at AU$0.55 apiece, according to a Friday filing with the Australian bourse.
The company's executive chair, Matthew Hayes, will subscribe for AU$500,000 in the placement, subject to shareholder approval, the filing said.
Funds will be used to advance the Shafter silver project in Texas, per the filing.
Shares fell past 8% in morning trade Friday.
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