- WA explorer Cullen Resources (CUL) is preparing to bank $1.4 million from an upcoming placement
- The company has received firm commitments from sophisticated and professional investors
- Under the placement, Cullen will issue 74 million new shares at 2 cents each
- Funds raised from the placement will go towards advancing the Wongan Hills and Barlee gold and base metal projects
- On the market this morning, Cullen is up 16.7 per cent and trading at 2.8 cents per share
WA explorer Cullen Resources (CUL) is preparing to bank $1.4 million from an upcoming placement.
The WA explorer entered a trading halt earlier this week and has now received firm commitments to raise the money from sophisticated and professional investors.
Under the placement, Cullen will issue 74 million new shares at 2 cents each.
Funds raised from the placement will be used towards advancing the Wongan Hills and Barlee gold and base metal projects, both located in Western Australia.
Last month, the company found a strong conductor at the Rupert Prospect at Wongan Hills.
Notably, the strong conductor is the largest of the three conductors detected to date. It reflects a deeper and flatter dipping source heading south with a 340-metre strike length.
Cullen plans to test the conductor with a reverse circulation drill hole. Further FLEM surveying may also be undertaken.
On the market this morning, Cullen is up 16.7 per cent and is trading at 2.8 cents per share at 11:25 am AEST.