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Highlights
- Cannindah Resources to raise AUD 4.5m via fully underwritten entitlement offer.
- The raise is intended to fund both resource expansion drilling and the testing of high-priority porphyry copper-gold targets at the Mt Cannindah Project .
- Major shareholder Aquis commits AUD 1.55 million, while directors and long-term holders also back the raise.
- Cannindah’s Managing Director, Tom Pickett, has resigned; Cam Switzer has been appointed Interim CEO amid leadership transition.
Cannindah Resources Limited (ASX:CAE) has announced a 1-for-2.4 fully underwritten non-renounceable pro-rata entitlement offer, targeting AUD 4.5 million before costs. The raise is intended to fund both resource expansion drilling and the testing of high-priority porphyry copper-gold targets at the company’s flagship Mt Cannindah Project in Queensland.
The offer price is set at AUD 0.015 per new share, with participants receiving one free attaching option for every two shares subscribed, exercisable at AUD 0.04 and expiring three years from issue.
Leadership Transition
Alongside the entitlement announcement, Cannindah confirmed that Tom Pickett has resigned as Managing Director, effective 22 August 2025. Pickett, who previously served as Executive Chairman, oversaw a period of major progress, including the expansion of the Mt Cannindah resource, strategic capital raisings, and heightened industry interest in the project.
Cam Switzer, Technical Advisor to the Board and Exploration Manager, has been appointed Interim CEO.
Shares of CAE traded at AUD 0.020, up 5.26% at the time of writing on 22 Aug 2025.
