Cauldron Energy Ltd (ASX:CXU) has raised $1.6 million in a placement to new sophisticated and professional investors and will fast-track exploration at the Blackwood Gold Project in Victoria.
The placement saw more than 51.612 million shares issued at 3.1 cents per share.
Funds will be used primarily to fast-track exploration at the Blackwood Gold Project in Victoria, as well as to maintain the company’s Yanrey Uranium Project and for general working capital purposes.
Work to begin once approvals are finalised
Participants in the placement each received one free attaching unlisted option exercisable on or before November 30 2023, at an exercise price of 5 cents for every 2 new shares subscribed for under the placement resulting in the issue of 25,806,452 unlisted options.
Chief executive officer Jess Oram said work will begin once all approvals from the Victorian mines department is finalised and discussions with the community are completed.