Cannindah Resources Limited (ASX:CAE) has completed an A$2 million capital raising through a placement of 9.3 million shares to sophisticated and professional investors.
The funds will be used to continue the current drilling programme at Mt Cannindah, to pay the costs of the issue and for working capital.
“We are delighted with the confidence shown by investors in supporting this issue. We are currently drilling hole 13 of the programme which is located hundreds of metres to the south of hole 12,” Executive Chairman, Tom Pickett, said.
“Assays for hole 12 are at the lab and results are due in the next few weeks. Hole 13 is presently at a depth of approximately 550 metres and has the potential to extend the length of the strike to the south by several hundred metres.
“We have a number of other holes planned in the coming weeks and anticipate the arrival of a second rig very shortly to assist us in the completing these additional holes.”
For further information please visit: https://cannindah.com.au/
