Cannindah Resources (ASX:CAE) raises AU$2 million, solidifies drilling plans at Mt Cannindah

August 16, 2022 04:52 PM AEST | By Mohammad Zaid

CAE raises ~AU$2 million

CAE has now completed a placement raising AU$2 million. As part of this, 9.3 million shares have been issued to sophisticated and professional investors at a price of AU$0.215 per share.

The company plans to utilise proceeds raised under the placement to progress the present drilling program at its Mt Cannindah Project and to meet the issue costs related to the placement and other working capital requirements.

The company expects to receive further assays from hole 12 that are due in the next few weeks.

Ongoing and upcoming drilling

Drilling of hole 13 is underway, and the hole is currently at a depth of around 550 metres. CAE remains confident that the hole indicates the possibility of extending the length of the strike to the south by multiple hundred metres.

CAE has planned numerous additional holes in the coming weeks. The company expects a second drill rig to arrive soon that will support the completion of the additional holes.

Source: © Adwo | Megapixl.com

CAE’s drilling program is aimed at delivering an enhanced grade and size of the existing resource at the Mt Cannindah Project. Currently, the company is engaged in updating the Mt Cannindah Project resource estimate and remains optimistic about delivering on the anticipated outcomes.

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