- Caeneus Minerals (CAD) has received commitments to undertake a $2 million placement
- To raise the money, 200 million fully paid ordinary shares will be issued to sophisticated and professional investors at one cent each
- Participants will also receive one free attaching option for every two shares subscribed for, exercisable at 1.5 cents on or before December 31, 2023
- Caeneus will use the funds to undertake exploration at the newly granted Mallina Basin tenement, as well as interpret results from an aeromagnetic survey
- Company shares are up an even 10 per cent and are currently trading for 1.1 cents each
Caeneus Minerals (CAD) has received commitments to undertake a $2 million placement.
To raise the money, 200 million fully paid ordinary shares will be issued to sophisticated and professional investors at one cent each.
This price represents a 25 per cent premium to Caeneus’ 15-day volume-weighted average price of 0.8 cents.
Participants will also receive one free attaching option for every two shares subscribed for, exercisable at 1.5 cents on or before December 31, 2023.
Shaw and Partners acted as sole lead manager and Caeneus has agreed to pay a six per cent fee of the placement funds to Shaw and 25 million options.
These options will also be exercisable at 1.5 cents and will expire on or before December 31, 2023.
Caeneus will use the funds to undertake exploration at the newly granted Mallina Basin Tenement as well as interpret results from an aeromagnetic survey.
The company expects results to be released by the end of September.
“We welcome our new shareholders. This funding comes at a time when Caeneus commences a potentially transformational period of exploration in the exciting Pilbara region of WA,” CEO Rob Mosig said.
“Following the recent grant of one of our Mallina Basin tenements, located within close proximity to the recent Hemi discovery, we have already commenced our aeromagnetic survey and look forward to carrying out drilling as soon as practicable,” he added.
Caeneus is up an even 10 per cent and shares are trading for 1.1 cents each at 2:00 pm AEST.