Cauldron Energy Ltd (ASX:CXU) has completed the second and final tranche of its November 2019 placement raising an additional $500,000 in funding.
In total, the two-tranche placement raised $705,002 through the issue of 47.0 million shares priced at 1.5 cents each.
Participants in the second tranche also received one attaching option for every two shares received.
The options are exercisable at 3 cents and expire 31 March 2022.
Funding for exploration at Blackwood Project
The proceeds raised are to be used principally to develop and drill-test targets at the Blackwood Goldfield Project in the Victorian goldfields, as well as holding costs on other projects and for general working capital.
In December 2019, Cauldron completed legal and technical due diligence to acquire the Blackwood Gold Project and the Bullarto South Gold Project in Victoria.
Together the projects cover an area of 160 square kilometres and secure the most significant portion of the highly prospective Blackwood Goldfield.
This goldfield produced over 218,000 ounces of gold during the 1860s Victorian gold rush, worth around $580 million today.
Multiple high-priority targets have been identified with plans prepared for immediate drilling.