Calidus Resources (ASX:CAI)
Announced the Company has received firm commitments to raise $20 million (before costs) via a share placement to professional and sophisticated investors through the issue of 29,850,747 shares at a price of $0.67 per share.
.
.
| Calidus Resources | ASX: CAI |
| Stage | Production, exploration |
| Metals | Gold, lithium |
| Market Cap | A$277 m @ A$0.64 |
| Location | Pilbara, Western Australia |
.
.
Calidus Resources Warrawoona mine
.
.
Calidus Resources Secures $20M to Fund Growth Projects
.
.
Calidus Resources Limited (ASX:CAI) is pleased to announce the Company has received firm commitments to raise $20 million (before costs) via a share placement (“Placement”) to professional and sophisticated investors through the issue of 29,850,747 shares (“Placement Shares”) at a price of $0.67 per share.
The Placement received strong demand from existing institutional and sophisticated shareholders.
Calidus is pleased to welcome a number of new institutional shareholders onto the register as well. Alkane Resources Limited (ASX:ALK), the Company’s largest shareholder, has subscribed for $3.0 million in support of Calidus’ strategy.
Proceeds will enable the acceleration of lithium and gold exploration drilling; Warrawoona ramp-up on track with nameplate capacity set to be reached this quarter.
HIGHLIGHTS
• Calidus has received firm commitments for $20M following an institutional
placement
• Placement at $0.67, representing a 12.4% discount to the last close on 9 August
2022 and a 6.7% discount to the Company’s 10-day VWAP
• Strong demand from existing and new shareholders, domestically and offshore
• Alkane Resources Limited (ASX:ALK), the Company’s largest shareholder, has
subscribed for $3.0M providing a strong endorsement of Calidus’ strategy
• The proceeds will be used to fund growth projects including:
o Lithium exploration at the Pirra Lithium Joint Venture and demerger costs
o Expanding regional drill program on gold targets within Calidus’ highly
prospective tenure in the Pilbara
o Early works for Blue Spec Mine and expansion
o Expansion of Warrawoona Mill
• Operational ramp-up at Warrawoona continues with nameplate production
expected during this quarter
..
Managing Director Dave Reeves stated:
“I would like to thank existing shareholders for their continued support and welcome some new, high-quality institutions to our register.
“Operations at Warrawoona continue to ramp up well with nameplate production due during this quarter.
“But with the initial cashflow committed to reducing debt, this additional capital will allow us to immediately accelerate our strategy to unlock our growth projects, which have potential to generate significant returns for shareholders.”
“These growth projects include plans for drilling at lithium and gold prospects, commencing early works at Blue Spec and expanding the throughput of the Warrawoona Mill to treat fresh material at 20% above nameplate capacity.”
.
.
To read the full news release, please click HERE
.
.
=======
.If you need clarification of any information contained in this note, or have any questions, I will be delighted to assist – Please email andrew@city-investors-circle.com
=======
.
City Investors Circle is based in the financial district in the City of London
We present interesting and exciting junior mining companies listed on the ASX and TSX stock exchanges to a group of city professionals, and private investors, all of whom are active investors with a mandate to invest in junior mining companies.
Our audience is selected and invited individually to ensure interest and relevance for the presenting company.
Meetings are non deal, small group, highly focused and engaged, with a lively Q and A to follow the main presentation.
We create awareness, and maintain interest in presenting companies by disseminating their future news to our entire investor group via email, social media, and our Monthly Review newsletter.
If you wish to present to our select group of active mining investors, please email andrew@city-investors-circle.com
.
=======
,
This website is not sponsored, we are truly independent, and will always remain so.
Companies featured here have either presented to the Circle in London, or have been selected because they are considered to have interesting projects, in good jurisdictions, run by an experienced management team.
All information used in the preparation of this communication has been compiled from publicly available sources that we believe to be accurate and reliable, however, we cannot, and do not, guarantee the accuracy or completeness of this.
These articles are for awareness and informational purposes only, and are not recommendations in any form. Always consult an investment professional.
.
.Disclosure
The writer currently holds shares in Calidus Resources, bought in the market at the prevailing price on the days of purchase.
.
.