Shareholders of Black Rock mining are expected to meet within the coming weeks to vote on Black Rock’s plans to issue more than 126-million shares, at an issue price of 8.2c each, to POSCO.

Black Rock will use the funds from the POSCO transaction to develop its Mahenge graphite project, in Tanzania, including conducting a commercial-scale test for ore processing to produce commercial scale customer samples, site works and early stage construction.

Completion of the subscription agreement was also subject to Foreign Investment Review Board approval and approval from the Tanzanian Fair Competition Commission.