Placement shares will come with one free attaching listed option for every two shares issued with an exercise price of $0.08.
Funds will be used to update the scoping study on the strategic Thackaringa cobalt project near Broken Hill, which has been receiving increased domestic and international interest.
Funds will also be used to advance the Copi Heavy Mineral Sands Project near Broken Hill to a pre-feasibility study.
Trangie Johnston, CEO, commented: "With growing world demand for Li-batteries, our Thackaringa cobalt project has gained increased international and domestic interest.
"The Copi North Heavy Mineral Sands Project is also accelerating after a recent resource upgrade."
The Thackaringa cobalt project near Broken Hill has been drawing attention given the growing importance of cobalt in new energy storage technologies and supply and demand issues for the metal.
An updated scoping study at Thackaringa will assist BPL find suitable partners to help further advance the project.
Advanced mineral sands projects
BPL has been progressing two of their five high grade titanium-zirconium deposits being the Copi North and Magic Heavy Mineral Sands deposits with their partners Relentless Resources.
These deposits are located south of Broken Hill in western NSW have been extensively explored and drill tested by other parties in the past.
A scoping study was completed in mid February, 2016 for mine development of the Copi North.
Recent extensional drilling saw tonnages increase to 14.2 million tonnes at 6.6% HM and the Indicated category rise from hosting 60% to 77% of the Mineral Resource.
The Copi North HMS deposit remains open to the northwest and an exploration target has been defined for 2 kilometres along strike from the new resource estimate.
The exploration target stands at 0.5 to 1.0 million tonnes grading 2-5% total heavy minerals.
The resource extension is significantly closer to surface than the main Copi North deposit.
This capital will provide BPL with the resources to continue developing its high grade mineral sands and strategic cobalt projects.
The Thackaringa cobalt project is growing in relevance due to cobalt's use in new energy storage technologies.
With foreseeable supply and demand issues for cobalt, the Thackaringa project has the potential to play an important role in global supply.
The recent mineral sands resource upgrade provided BPL with a key opportunity to extend the potential mine life at Copi North which would increase project economics further.
This funding will support further exploration at the project, which in turn can increase resources and project economics.
Project economics for the development of Copi North are already compelling considering the resource is shallow and nearly twice the head grade of operating nearby mines.
The BPL share price is up 200% year to date currently trading at $0.091 per share.
BPL is expecting assay results from sampling in the exploration target area at Copi North during this month.
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