- Castle Minerals (CDT) completes a “heavily-oversubscribed” placement to raise $2.5 million
- The company received firm commitments from professional and sophisticated investors for 125 million new shares at two cents per share
- Castle also offered two attaching listed options for every three new shares subscribed for, with a strike price of 5.5 cents and expiring December 31, 2024
- The funds will go towards advancing Castle’s Kambale graphite project in Ghana and towards its other projects in Ghana and Western Australia
- Shares in CDT are up 9 per cent, trading at 2.4 cents at 2:12 pm AEDT
Castle Minerals (CDT) has completed a “heavily-oversubscribed” placement to raise $2.5 million.
The company received firm commitments from professional and sophisticated investors for 125 million shares at two cents per share.
The placement price represents an 11.6 per cent discount to Castle’s fifteen-day volume weighted average price (VWAP) of 2.2 cents per share up to March 8, 2023, as well as a 10 per cent discount to the company’s last closing price on March 8.
The funds will go towards advancing CDT’s Kambale graphite project in Ghana and towards its other projects in Ghana and Western Australia.
“Today’s oversubscribed $2.5 million placement will boost Castle’s working capital to $4 million, enabling it to continue with the fast-tracking of its emerging Kambale graphite project and to also advance its other key project interests,” Castle Managing Director Stephen Stone said.
Additionally, for every three new shares subscribed for, Castle has offered two attaching listed options with a strike price of 5.5 cents each, expiring on December 31, 2024.
Shares in CDT were up 9 per cent and trading at 2.4 cents at 2:12 pm AEDT.