Cauldron Energy Ltd (ASX:CXU) has completed a $637,922 placement, issuing 91,131,652 new fully paid ordinary shares at an issue price of $0.007.
The company will also raise an additional $1,630,244 via a fully underwritten non-renounceable rights issue on the basis of one new share for every three shares held at the record date at the same price of A$0.007 per share.
The rights issue is set to open on Monday, December 12, 2022.
Subscribers to the rights issue will receive one free attaching option for every four new shares subscribed for, exercisable at $0.015 on or before November 30, 2025.
Use of Funds
The money raised will be used to advance Cauldron’s Yanrey Uranium Project, new project opportunities and working capital.
CXU is looking to start a drilling program at Yanrey in the early part of the 2023 calendar year, targeting high grade uranium targets identified in historical work.