Cradle Resources Limited is pleased to confirm that, following its announcement on 10 June 2016, the Company has completed its capital raising of $2,160,000 through the issue of 8,000,000 ordinary shares (Shares) at 27 cents each to sophisticated investors. In addition, the Company has agreed to issue a further 2,000,000 Shares at a price of 30 cents each (raising an additional $600,000) to a strategic investor who will assist the Company with its future international marketing and development capital raising endeavors. As part of the placement terms, the strategic investor will also be issued (at no additional cost) 2,000,000 options to subscribe for Shares exercisable at 30 cents each on or before 30 June 2018. These raisings ensure that Cradle is sufficiently funded to meet its likely working capital requirements until the Panda Hill Project secures expected debt and equity funding and a decision to mine, including the final instalment of consideration owed to the Project vendor due to be paid in September 2016 (the Company’s 50% share is US$1.5m).
CXX Price at posting:
29.5¢ Sentiment: None Disclosure: Not Held
