Blackstone Minerals opens IPO for spin-off Codrus Minerals to raise minimum of $5 million

Blackstone Minerals Ltd (ASX:BSX) (OTCMKTS:BLSTF) (FRA:B9S) has opened its priority offer to shareholders for the IPO of spin-off Codrus Minerals, following conclusion of the exposure period. Eligible Blackstone shareholders at the record date of May 6 resident in Australia or New Zealand are entitled to subscribe for up to 500,000 CDR shares in the IPO under the priority offer.   Raising mininum of $5 million  The BSX offer is being made under the prospectus, which CDR lodged with ASIC on May 5 to raise a minimum of $5 million. To participate in the BSX offer under the prospectus, shareholders should follow the instructions on the priority application form attached to the prospectus and note the BSX offer closing date, currently May 27, may close early at the election of the CDR directors. The BSX offer opened on May 13 and to make a priority application online visit https://investor.automic.com.au/#/ipo/codrusmineralspriority  Further MSV nickel results On May 13 Blackstone delivered further massive sulphide vein (MSV) nickel results from drilling at the flagship Ta Khoa Nickel-Copper-PGE Project in Vietnam.  Following several visual occurrences of high-grade MSVs and initial confirmation of high-grade nickel, copper and platinum group elements (PGEs), further assays from King Snake have been received. Infill drilling has also been ongoing at the Ban Chang MSV prospect to support resource estimations and mining studies that will be incorporated into the upstream business unit pre-feasibility study (PFS). Results from Blackstone’s maiden program at King Snake together with historic drill results have defined a strike length of over 800 metres at King Snake which includes MSV, semi-massive sulphide vein (SMSV) and disseminated sulphides. The company’s drilling at King Snake is focusing on new electromagnetic (EM) targets which extend down plunge to the west of historic drilling.