Lead manager to $2.5 million of the placement was Peak Asset Management, a Collins St, Melbourne based boutique investment management firm specialising in capital raising and advisory activities.
Funds raised will be applied to the on-going drilling and exploration program at the Mt Cannindah Project, working capital and meeting the costs of the issue.
Executive Chairman Tom Pickett stated "the Company is very pleased to have worked with Peak Asset Management on this successful capital raising. The receipt of these funds allows us to accelerate the planned Mt Cannindah drilling and exploration program which will contribute to the reassessment of the existing JORC resource currently underway."
About Cannindah Resources Limited:
Cannindah Resources Limited is an ASX-listed (ASX:CAE) Queensland, Australia-based exploration and resource development company. We are focused on copper and gold mineral exploration, evaluation, and progressing various mineral projects.
Cannindah's goal is to preserve shareholder wealth and grow the value of the flagship asset with prudent exploration methods. Our focus is to progress further exploration work at the Piccadilly Project and review the possible strategies for Mount Cannindah Project.
Source:
Cannindah Resources Limited
Contact:
Tom Pickett Executive Chairman T: +61-7-5557-8791