Cauldron Energy Ltd (ASX:CXU) has completed a placement of 44,117,647 new fully paid ordinary shares to sophisticated and professional investor clients of Everblu Capital Pty Ltd.
The shares under the placement were issued at a price of $0.017 per share and raised a total of $750,000 before costs.
In addition, participants in the placement were issued a total of 14,705,882 free-attaching unlisted options, issued on a one-for-three basis. The options are exercisable on or before March 15, 2024, at an exercise price of A$0.034.
Everblu Capital will take a 6% broker fee for managing the placement and 10 million unlisted options.
Proceeds to go towards gold, uranium and sand
“Cauldron is pleased with the strong response to the placement and that the funding allows for a continuation of the drilling program that is currently occurring at its Blackwood Gold Project,” Cauldron’s executive chairman Simon Youds said.
“The funds also provide much-needed working capital for the company’s uranium and sand project interests.
“We look forward to providing further updates to market in respect to results from the drilling program currently in progress at the company’s Blackwood Gold Project.”
About Cauldron Energy
Cauldron Energy Ltd (ASX:CXU) is a mineral exploration and development company leveraging a diverse portfolio of mineral resource projects.
Its flagship project is the historic Blackwood Goldfield in Victoria, and the company plans to drill test the highly prospective area around Rogers Big Hill, Eldorado and Homeward Bound, highlighted following a review of historical exploration data and mining records.
Cauldron also plans to acquire a sand project comprising several river sand leases at the mouths of the Carnarvon, Onslow and Derby rivers in Western Australia.