Cauldron Energy (ASX:CXU) appoints new CEO and launches $2.2m capital raise

• Cauldron Energy (CXU) appoints Jonathan Fisher as CEO, effective immediately, and launches a $2.26 million capital raise
• Mr Fisher has 20 years of experience in the resources and corporate industries, including the role of TNG’s (TNG) Chief Financial Officer and four years as General Manager, Corporate Finance, for Atlas Iron (AGO)
• Cauldron has also launched a $2.26 million capital raise to advance its Yanrey Uranium project in WA
• Over $637,000 is set to be raised through a placement, with the remaining $1.63 million to be secured through a non-renounceable rights issue, both priced at 0.7 cents
• CXU shares closed 10 per cent lower at 0.9 cents on Friday afternoon

Cauldron Energy (CXU) has appointed Jonathan Fisher as CEO and launched a $2.26 million capital raise.

Mr Fisher, whose appointment begins immediately, has 20 years of experience in the resources and corporate industries and holds degrees in law, finance and commerce.

He came to Cauldron from TNG (TNG), where he served as CFO, and he previously served for five years as CFO of hazardous waste management company Tellus Holdings.

Mr Fisher’s other positions have included four years as General Manager of Corporate Finance for Atlas Iron, as well as corporate advisory roles at Pricewaterhouse Coopers, Rothschild and Poynton and Partners.

The new CEO position comes with a $250,000 annual salary, plus long- and short-term incentives.

“We are delighted to appoint Jonathan to the position of Chief Executive Officer,” Cauldron Energy Chair Ian Mulholland said.

“The board and I were greatly impressed by his wide-ranging resources and corporate experience and look forward to him leading the company forward as we continue to refresh our management team.”

In other company news, CXU has launched a $2.26 million capital raise to advance its Yanrey Uranium project in Western Australia, as well as to fund new project opportunities and working capital.

Cauldron has received firm commitments from sophisticated and professional investors to raise up to $637,922 through a placement at 0.7 cents per share — a 30 per cent discount to its last closing price on November 29.

This will comprise the issue of 91.1 million new fully paid ordinary shares.

The company plans to raise the remaining $1.63 million through a fully underwritten, non-renounceable rights issue of one new share for every three held, also at 0.7 cents per share.

The company is planning to start a drilling program at Yanrey at the start of 2023, targeting high-grade uranium identified in historical work.

CXU shares closed 10 per cent lower at 0.9 cents on Friday afternoon.