The company will issue a total of 15.79 million ordinary shares at $0.21 to raise $3.2m in cash.

Great Central has agreed to subscribe for $10 million in Convertible Notes that have a 5 year maturity term.

Proceeds from the financing will be employed to fund the company’s 100%-owned Matilda gold project in Western Australia.

Blackham Resources managing director Bryan Dixon stated that the funds were secured amidst challenging market conditions and would help enhance Matilda’s project value.

"The company plans to immediately commence a 30,000m drilling programme targeting the Williamson and Matilda Mine areas," Dixon added.

The Matilda gold project is claimed to have 1.5 million ounces of gold resources in a major Western Australian goldfield.

Mining industry entrepreneur Joseph Gutnick owns a controlling stake in Grand Center and will now be appointed the non-executive chairman of Blackham.