- Cannindah Resources (CAE) completes a $2 million capital raising to continue its drilling program at the Mt Cannindah deposit in Queensland
- The placement saw 9.3 million shares issued to sophisticated and professional investors at a price of 21.5 cents each
- The funds will go towards Cannindah’s current drilling program at Mt Cannindah, along with paying off the costs of issue and working capital
- The company anticipates the arrival of a second rig shortly to assist with the completion of additional holes at the project
- Cannindah Resources is up one per cent, trading at 25.3 cents at 3:31 pm AEST
Cannindah Resources (CAE) has completed a $2 million capital raising to continue its drilling program at the Mt Cannindah deposit in Queensland.
The placement saw 9.3 million shares issued to sophisticated and professional investors at a price of 21.5 cents each.
The funds will go towards the company’s current drilling program at Mt Cannindah, along with paying off the costs of issue and working capital.
Executive Chairman Tom Pickett said the company is delighted with the confidence shown by investors in supporting the issue.
“We are currently drilling hole 13 of the program which is located hundreds of metres to the south of hole 12,” Mr Pickett said.
“Assays for hole 12 are at the lab and results are due in the next few weeks.”
“Hole 13 is presently at a depth of approximately 550 metres and has the potential to extend the length of the strike to the south by several hundred metres.”
The Executive Chairman also reported a number of other holes have been planned in the coming weeks.
The company anticipates the arrival of a second rig shortly to assist with the completion of additional holes.
Cannindah Resources was up one per cent, trading at 25.3 cents at 3:31 pm AEST.