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Highlights
- Cannindah Resources received AUD 4.9 million in SPP applications against a AUD 2.0 million target.
- Valid applications were scaled back to AUD 3.0 million, with a minimum allocation of AUD 2,000 per applicant.
- Funds will support drilling and exploration programs at the Mt Cannindah Copper-Gold Project.
- The company has appointed experienced geologist Chris Chambers as Exploration Manager to support upcoming drilling and exploration programs.
Cannindah Resources Limited (ASX:CAE) has closed its Share Purchase Plan (SPP) after receiving applications well above its initial AUD 2.0 million target. The company confirmed that valid applications totalled AUD 4.9 million from 278 shareholders, prompting a scale-back to AUD 3.0 million. Funds raised will support ongoing exploration and development activities at the Mt Cannindah Copper-Gold Project.
SPP Draws Significant Shareholder Participation
The SPP, announced on 3 February 2026 and opened on 6 February 2026, closed at 5:00pm (AWST) on 20 February 2026. Eligible shareholders were invited to apply for up to AUD 30,000 worth of shares at an issue price of AUD 0.045 per share.
Applications exceeded the planned AUD 2.0 million raise, with the company receiving AUD 4.9 million. The Board exercised its discretion to scale back valid applications to AUD 3.0 million.
Under the scale-back methodology, allocations were applied on a pro-rata basis above a minimum allocation of AUD 2,000. All valid applicants will receive at least AUD 2,000 worth of shares. Surplus application money will be refunded interest-free as per the SPP's terms.
Placement Supports Broader Capital Raising
The SPP follows completion of the first tranche of a two-tranche placement, which raised AUD 11.1 million before costs. The second tranche, targeting up to AUD 3.9 million before costs, remains subject to shareholder approval at a general meeting scheduled for 18 March 2026.
Combined proceeds from the placement and the SPP are allocated toward advancing exploration programs and project development initiatives.
Focus on Mt Cannindah
Capital raised will be directed toward activities at the Mt Cannindah Project. Planned programs include reverse circulation drilling aimed at expanding the Mt Cannindah Copper-Gold Breccia deposit.
Diamond drilling is also scheduled to follow up recently identified mineralisation at the Southern Porphyry Target.
Exploration Manager Appointed
In another update, Cannindah Resources announced the appointment of Chris Chambers as Exploration Manager, effective immediately. He brings more than 30 years of global mineral exploration experience across porphyry-related, intrusive-related and epithermal mineralisation styles.
His previous roles include positions with Normandy Exploration, Newcrest’s exploration growth team, Evolution Mining at Cracow and Pajingo, Minjar Gold at the Pajingo Gold Mine, and a business development role with Austroid Australia in South America, and he will support the planning and execution of upcoming exploration programs.
The oversubscribed SPP, together with the earlier placement tranche and the appointment of a new exploration manager, strengthens Cannindah Resources’ capacity to advance Mt Cannindah. It combines additional funding, expanded technical leadership and broad shareholder participation to support upcoming drilling and project development activities.
CAE shares were trading 2.04% higher at AUD 0.05 per share at the time of writing on 25 February 2026.
