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Xanadu Mines Ltd. [XAM-TSX, ASX; XANAF-OTC] has received firm commitments for a placement to eligible professional and sophisticated investors of approximately 163.8 million fully paid ordinary shares in Xanadu at an issue price of 6.2 cents each to raise approximately $10.2-million (before costs). All dollar amounts are in Australian dollars unless otherwise indicated.
Highlights include firm commitments received for a placement to raise approximately $10.2-million (before costs) that are well supported by both domestic and international institutions. Xanadu is in a strong financial position to deliver a Kharmagtai exploration strategy, targeting resource growth and definition of high-grade bornite-rich zones at depth.