It is expected that Blackwood will give shareholders of an update of the Tinkler funding intentions and any alternative funding measures before coming out of a trading halt that it requested yesterday.

Blackwood announced in May that it had an agreement to raise $28.4 million through a share placement with Mulsanne Resources, a company associated with the Tinkler Group.

Blackwood said Mulsanne Resources agreed to subscribe 95 million shares at 30c per share, representing a 50% premium to the five-day volume weighted average price of 20c per share. This compares with Blackwood’s latest share price of 18c.

Following the completion of the transaction, Blackwood’s major shareholders would have included both the Tinkler and Noble group, each taking a 33.85% of the issued capital of the company.

In addition, the Tinkler Group would have nominated two directors to the Blackwood board, being Tinkler and his associate Chris Lauritzen if the placement to Tinkler went ahead.

But thus far the funds – which were to be used for exploration drilling and business development – have not been received by Blackwood.

Market speculation continues that Tinkler is finding difficulty in raising the funds from his Asian partners for the $5.20 per share Whitehaven bid. Whitehaven’s shares continue to sink and yesterday closed at $3.64.