Glencore is now Blackthorn Resources' largest shareholder with a holding of 13 per cent.

The proceeds from the placement will enable Blackthorn Resources to fund exploration projects including further gold exploration in Burkina Faso and potential further investment in the Perkoa Zinc Project. In addition to the placement, Gadens advised on a separate heads of agreement that was signed by both companies to facilitate cooperation on investigations into the possibility of expanding the Perkoa Zinc Project to produce lead and silver, and to increase plant capacity and lower operating costs.

This heads of agreement includes the terms of a loan facility from Glencore to the joint venture as one alternative to fund any expansion.

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Partners Kym Livesley and Andrew Lind led the deal team, assisted by solicitor Sally Weatherstone.