- Calidus Resources (CAI) has entered a trading halt ahead of a capital raise and a share purchase plan (SPP)
- Calidus is an ASX-listed gold company that is focused on developing the Warrawoona Gold Project in the East Pilbara region of WA
- The company is committed to completing construction of the project and has recently secured a $110 million loan from Macquarie Bank to support this
- Calidus is also set acquire up to 75 per cent of a tenement 70 kilometres from Warrawoona in which it will spend up to $1 million on exploration
- While it is not yet clear how much Calidus is raising or what the money will be used for, it will likely support the development of the Warrawoona Project
- Company shares last traded at 58.5 cents on Monday, December 7
Calidus Resources (CAI) has entered a trading halt ahead of a capital raise and a share purchase plan (SPP).
The company will remain in the trading halt until the earlier commencement of trading on Thursday, December 10, unless details of the raise and SPP are released earlier.
Calidus is an ASX-listed gold company that is focused on developing the Warrawoona Gold Project in the East Pilbara region of Western Australia.
On November 30, the company announced securing a $110 million debt facility with Macquarie Bank (MBL) to help it construct a plant at Warrawoona.
While the project has made some headway with the completion of an access road, water bores and telecommunications, the main construction of the project is yet to be completed.
As a further testament to its commitment in the Warrawoona Project, Calidus recently announced a new farm-in agreement to earn up to 75 per cent of a tenement located 70 kilometres from the project. The tenement also adjoins and sits along strike from the Gold Spec and Blue Spec deposits, which it’s in the process of acquiring.
To earn 75 per cent of the tenement, Calidus will need to spend $1 million on exploration over a maximum of five years.
The company has recently begun drilling within Warrawoona and has plans to conduct drilling early next year.
While it is not yet clear how much Calidus is raising or what the money will be used for, it’s likely a portion at least will support the development of the Warrawoona Project.
Company shares last traded at 58.5 cents on Monday, December 7.