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- Caeneus Minerals (CAD) receives firm commitments from investors for a $1.7 million capital raise to help fund exploration of its gold and base metals projects WA’s Pilbara region
- The company says the share placement comprises the issue of 340 million CAD shares at a price of 0.5 cents per share with an attached listed option exercisable at 1.5 cents
- Caeneus is planning a 1,200-metre reverse circulation (RC) drilling program at its Robert Hills gold project to follow up on gold anomalies intersected in its 2021 aircore (AC) maiden drill program
- It is also preparing to kick off a phase-one RC drilling program at its Pardoo nickel-copper-cobalt project that hosts the historical Pardoo deposit
- CAD shares steady at 0.7 cents
Caeneus Minerals (CAD) has received firm commitments from sophisticated and professional investors for a $1.7 million capital raise to help fund exploration of its gold and base metals projects Western Australia’s Pilbara region this year.
The company said the share placement comprises the issue of 340 million CAD shares at a price of 0.5 cents per share with an attached listed option exercisable at 1.5 cents expiring on December 31, 2023.
Directors Davide Bosio and Peter Christie have committed a total of $300,000 for 60 million shares and options, subject to shareholder approval.
Caeneus said the remaining shares and options fell within the company’s 15 per cent placement capacity.
The company was planning to launch a 1,200-metre reverse circulation (RC) drilling program at its Robert Hills gold project to follow up on gold anomalies intersected in its 2021 aircore (AC) maiden drill program.
The RC holes were designed to systematically test the scale and morphology of deeper sheared and mineralised bedrock intersected in the previous AC drilling.
Caeneus said it was also preparing to kick off a phase-one RC drilling program at its historical Pardoo nickel-copper-cobalt project.
The program involves 50-metre resource infill drilling to upgrade the historical resource to JORC 2012 measured and indicated classifications.
Against the backdrop of strong nickel prices, the company is looking to confirm historical drilling results from Pardoo and increase its understanding of the deposit geology and structural controls for the nickel mineralisation.
CAD shares were steady at 0.7 cents at 11:51 am AEDT.
