Cannindah Resources Limited (ASX: CAE): Secures $15M Placement to Accelerate Mt Cannindah Growth 🚀⛏️
Cannindah Resources has successfully completed a $15 million two-tranche placement and launched a $2 million Share Purchase Plan (SPP), significantly strengthening its balance sheet to accelerate drilling and resource growth at the flagship Mt Cannindah Copper–Gold Project in Queensland.
💰 Capital Raise Highlights
$15M placement at $0.045/share (two tranches)
Strong support from institutional and existing shareholders
$2M SPP offered to eligible shareholders at the same price
Funding provides an extended runway through 2026
Proceeds will be used to:
Expand the Mt Cannindah Breccia MRE
(currently 14.5Mt @ 1.09% CuEq)
Restart RC drilling within one week
Advance diamond drilling at the Southern Porphyry Copper–Gold Target
Continue broader exploration across the project area
Confirms strong market confidence in Mt Cannindah’s upside
Enables aggressive drilling programs in a strong copper–gold market
Southern Porphyry Target offers transformational discovery potential
Chairman Tony Rovira noted that the strong support reflects growing confidence in the Company’s strategy and the upside potential at Mt Cannindah, with plans to scale drilling activity and accelerate exploration through 2026.
Cannindah Resources last traded at $0.050, giving the Company a market capitalisation of approximately $57.77M. With funding secured, drilling restarting, and multiple high-impact targets in play, Cannindah is positioned for sustained news flow and potential resource growth in a tightening global copper market.
🔗 Read more: https://colitco.com/cannindah-resources-raises-aud-15-million/
⚠️ Disclaimer: This is not an investment advise, please do your own research for any investment decisions.