Cauldron Energy Ltd (ASX:CXU) is raising $2.268 million to advance its Yanrey Uranium Project in Western Australia, as the company renews its focus on the uranium project with a refreshed management team.
To lead the charge, Cauldron has appointed experienced finance and corporate executive, Jonathan Fisher, as its new CEO
As part of the capital raise, Cauldon has received firm commitments from sophisticated and professional investors to raise $637,922 via a share placement at $0.007 per share.
Additionally, the company will also raise around $1.63 million in a fully underwritten non-renounceable rights issue at the same issue price as the placement.
Looking ahead, Cauldron’s refreshed management team will concentrate on executing a strategy focused around Yanrey, which is host to the Bennet Well Uranium Deposit, the fifth largest undeveloped uranium deposit in Western Australia, amenable to ISR leaching.
Capital raise summary
Under the placement, Cauldron will issue around 91.13 million new fully paid ordinary shares in the company.
Also under the rights issue, subscribers will receive one free attaching option for every four new shares subscribed for, exercisable at $0.015 on or before November 30, 2025.
Canaccord Genuity (TSX:CF, LSE:CF) is the lead manager for the placement and the lead manager and underwriter for the rights issue.
Commenting on the success of the placement, Cauldron chairman Ian Mulholland said: “Cauldron is delighted with the support from Canaccord Genuity and its clients for Cauldrons’ refreshed management team and renewed focus on its uranium project.”
New CEO
Jonathan Fisher has 20 years of experience in the resources and corporate industries.
Most recently, Fisher was CFO at TNG Ltd (ASX:TNG) and led their project financing and government liaison teams.
Notably, he was responsible for the delivery of $800 million in conditional financing support for TNG’s Mt Peake Project in the Northern Territory.
Welcoming the new CEO, Mulholland added: “We are delighted to appoint Jonathan to the position of chief executive officer.
“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.”