Xanadu Mines Ltd (ASX: XAM) has announced to raise $2.5 million through non-broker placement.
The non-broker placement was conducted at $0.033 per share, and it will result in 78,326,311 new ordinary shares, and the New Shares issued under the Placement will rank on pari passu basis in all respects with existing ordinary shares of the Company.
The New Shares will be issued to Precious Capital Gold Mining & Metals Fund, which is managed by SSI Asset Management AG, a Zurich based fund (SSI). After the completion, the Precious Capital will hold approximately 9.9% of Xanadu.
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