Cannindah Raises $2 million to Continue Drilling
Brisbane, Aug 12, 2022 AEST (ABN Newswire) - The Board of Cannindah Resources Limited (ASX:CAE) is pleased to announce the completion of a $2 million capital raising through a placement of 9.3 million shares to sophisticated and professional investors.
The issue price of $0.215 represents the 30-day VWAP for trading in CAE shares. The funds will be used to continue the current drilling program at Mt Cannindah, to pay the costs of the issue and for working capital.
Executive Chairman Tom Pickett said: "We are delighted with the confidence shown by investors in supporting this issue. We are currently drilling hole 13 of the program which is located hundreds of metres to the south of hole 12.
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."
About Cannindah Resources Limited
Cannindah Resources Limited is an ASX-listed (ASX:CAE) Queensland, Australia-based exploration and resource development company. We are focused on copper and gold mineral exploration, evaluation, and progressing various mineral projects.
Cannindah's goal is to preserve shareholder wealth and grow the value of the flagship asset with prudent exploration methods. Our focus is to progress further exploration work at the Piccadilly Project and review the possible strategies for Mount Cannindah Project.
Cannindah Resources Limited