- Cauldron Energy (CXU) receives firm commitments to undertake a $1.2 million placement
- A total of 35,294,118 new fully-paid ordinary shares will be issued to sophisticated and professional investors at 3.4 cents
- Participants will also receive one free attaching option for every two shares subscribed for, exercisable at five cents with expiry on November 30, 2023
- Cauldron will use the funds to undertake seismic work at its Yanrey Uranium Project and complete exploration at its Blackwood Gold Project
- Shares in Cauldron are down 9.76 per cent on the market and are trading at 3.7 cents at 11:39 am AEST
Cauldron Energy (CXU) has received commitments to undertake a $1.2 million placement.
A total of 35,294,118 new fully-paid ordinary shares will be issued to sophisticated and professional investors at 3.4 cents.
This price represents a 20 per cent discount to Cauldron’s closing price of 4.1 cents on September 6 and a 15 per cent discount to the five-day volume-weighted average price of 3.86 cents.
Participants will also receive one free attaching option for every two shares subscribed for, exercisable at five cents with expiry on or before November 30, 2023.
Once received, Cauldron will use the funds to undertake seismic work at its Yanrey Uranium Project in Western Australia.
The money will also go towards identifying potential extensions of the Bennett Well Uranium Deposit and complete exploration at its Blackwood Gold Project.
Executive Chairman Simon Youds is pleased with the support received.
“Cauldron is delighted with the strong response to the placement and strong support for the company’s strategic direction to simultaneously advance its uranium, gold and sand project interests,” Mr Youds said.
“The company’s Yanrey Uranium Project is world-class and has the potential to grow, and the company’s Blackwood Gold Project in Victoria is located in Victoria’s ‘golden triangle’, a province that has clusters of high-grade gold mines.”
Shares in Cauldron were down 9.76 per cent on the market and were trading at 3.7 cents at 11:39 am AEST.