Gold developer Black Cat Syndicate has received firm commitments to raise A$20-million for the advancement of its Kal East gold project, in Western Australia.
The placement at A$0.67 a share is a discount to the A$0.75 a share that the company traded at on Wednesday.
The placement formed an integral part of Black Cat’s low capital expenditure, rapid startup strategy for the Kal East project.
The placement would allow the company to progress its startup strategy for Kal East, targeting first production in the second half of 2022, said MD Gareth Solly.
In March, Black Cat acquired a 1.5-million-ton-a-year milling facility, including two ball mills and about 60% of the equipment required to run the facility for A$1.24-million.
“We are delighted with the support for the placement and welcome a number of highly credentialed Australian and offshore institutional investors to the register,” said Solly.