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- Castle Minerals (CDT) says it has successfully raised $1.52 million via its oversubscribed share placement
- Professional and sophisticated investors subscribed for 126.8 million new shares at 1.2 cents each as well as a one for three attaching option
- CDT plans to use the funds to bring its Kambale Graphite Project to a drill-ready stage along with its Polelle and Beasley Creek assets
- Shares in Castle Minerals have come out of a trading halt and are trading flat at 1.3 cents each at 12:58 pm AEST
Castle Minerals (CDT) has successfully raised $1.52 million via its oversubscribed share placement.
The company first announced plans to raise additional funds when it placed its shares in a trading halt earlier this week.
CDT said professional and sophisticated investors had subscribed for 126.8 million new shares at 1.2 cents each.
Every third new share comes with an attaching option with a scratch price of 2.2 cents and an expiry date of December 31, 2023.
Managing Director Stephen Stone said the company would use the funds to bring its Kambale Graphite Project in Ghana to a drill-ready stage, along with its Polelle and Beasley Creek assets in Western Australia.
“The recently completed Kambale graphite project test work was very encouraging and, as well as advancing that to the next stage, Castle is on the look-out to increase its exposure to the fast-evolving battery minerals exploration sector,” Mr Stone said.
“The company’s licence adjacent to the very interesting Earaheedy zinc-lead project of Rumble Resources ticks many of the same geological boxes, whilst the Polelle Gold Project is south of the fast growing Side Well project of Great Boulder Resources and adjacent to the Tea Well project of SensOre.
“At Beasley Creek in the Pilbara, Castle has been building a strong case to test for structurally controlled, orogenic gold mineralisation.”
Shares in Castle Minerals came out of a trading halt on Wednesday and were trading flat at 1.3 cents each at 12:58 pm AEST.
