Cauldron raises cash from Chinese investors
PERTH (miningweekly.com) – ASX-listed Cauldron Energy has secured A$11-million in funding through a series of share placements to Chinese investors.
The funds would be received between June this year and December 2015, subject to shareholder approval, with the majority to be received in the current year.
The fundraising resulted from a road show conducted by Cauldron in Beijing at the end of last year, which culminated in the execution of a mandate with one of China’s leading investment companies to raise funds.
Under the placement agreements, Cauldron would issue more than 93.22-million shares, at a price of A$0.118 a share, to raise the A$11-million. The placement agreement also included some 45-million unlisted options, which could be exercisable at a price of A$0.118 an option if exercised before the end of December 2015, or at A$0.138 an option if exercised before the end of December 2016.
Cauldron said that the placement funds would enable the company to undertake extensive additional exploration work at its Yanrey uranium project, in Western Australia, while also accelerating the growing Bennet Well resource.
Other project areas that would benefit from the funding included the South Australian Maree base metals project area, where Cauldron would perform geophysical work to understand the project potential.
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