- Classic Minerals (CLZ) completes a $1.5 million capital raise to fund its Kat Gap gold project in Western Australia
- The fully subscribed placement saw shares issued to institutional and sophisticated investors at 0.085 cents each
- Shares under the placement include a free-attaching option offer with one option for every four shares issued exercisable at 0.3 cents in two years
- The raise follows the company’s announcement yesterday that it has secured the final approval needed to begin full scale mining at its Kat Gap prospect
- Classic was trading unchanged at 0.1 cents early today
Explorer Classic Minerals (CLZ) has completed a $1.5 million capital raise to fund its Kat Gap gold project in Western Australia.
Under the placement to institutional and sophisticated investors, CLZ offered shares at 0.085 cents each.
Shares include a free-attaching option offer with one option for every four shares issued, exercisable at 0.3 cents on or before February 3, 2024.
According to the company, the raise received significant demand from new domestic and international shareholders and was managed by a leading Melbourne firm.
Settlement and issue of shares is expected on March 21.
The raise follows the company’s announcement yesterday that it received approval from the Department of Mines, Industry Regulation and Safety for its mining proposal, including the mine closure plan, for the Kat Gap operation near Southern Cross.
This approval is in addition to the already secured Aboriginal heritage clearance and a native vegetation clearing permit, enabling the company to kick off full scale construction and mining activities.
Company shares were unchanged at 0.1 cents at 9:42am AEDT.