Cloudbreak Discovery upbeat on outlook as it continues to evaluate prospects
Cash and cash equivalents were up at £735,000 from £39,299
Company
LON:CDL
Cloudbreak Discovery PLC is a leading natural resource project generator and royalty business. The company is focused on energy royalty acquisitions with the aim of bringing near-term cashflow and driving shareholder value. Its primary operating jurisdiction is the United States, but the company also deploys its project generation model in the international energy sector to acquire minority interests in projects of merit. Through its wholly owned but independently operated subsidiary, Cloudbreak Exploration Inc, the company will develop its array of mineral assets, whilst continuing to generate new projects with a particular focus on commodities key to the energy transition.
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Cash and cash equivalents were up at £735,000 from £39,299
Icefall is part of the Northwest Portfolio of polymetallic projects
It placed about 19.6 million shares with new investors at 7.5p, a 20% discount to yesterday's closing price
The deal will see Cloudbreak team-up to advance the project in British Columbia.
Cloudbreak is also generating projects in West Africa
Alianza and Cloudbreak will retain a 2% net smelter royalty.
"Since listing on the main market earlier this year, Cloudbreak has been successfully executing its business model with 13 out of our 17 assets now optioned to partners."
The Klondike property was the first project acquired under a strategic alliance between Cloudbreak and Alianza
"We are in a great position at Klondike having defined three high priority areas at the West Graben, East Graben and Northeast Fault targets,” said Cloudbreak president and chief executive Kyler Hardy
Its proximity to the Lisbon Valley Mine Complex makes Stateline a highly prospective project
Cloudbreak will retain a 2% net smelter royalty once production starts
"PGP will be exceptional partners to have on this asset," said Cloudbreak chief executive Kyler Hardy
Cloudbreak Discovery has considerable experience operating in the region
The partner, identified as 1315956 BC Ltd, will commit up to C$1.5mln (£0.9mln) in exploration expenditure
"We believe that modern exploration applied to this claim group could further expand on the geologic picture and understanding of the potential currently only highlighted by limited prospecting," said CEO Kyler Hardy
Cloubdreak is one of only two mining project generator companies listed in London
"We know these rocks are prospective for copper mineralisation as evidenced by other deposits", Cloudbreak president and chief executive Kyler Hardy said in a statement
Cloudbreak is a project generator in the natural resources space, and is building a diverse portfolio of assets
The initial well is set to be drilled to 2,047 metres on the crest of the Steveville structure
Cloudbreak took an indirect stake in a Serbian borate project on 22 June, its first transaction post-listing