Xanadu Mines (ASX:XAM) eyes $10M placement for Kharmagtai
Source: International Mining And Resources Conference [YouTube]
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Xanadu Mines (XAM) has received firm commitments to undertake a $10.2 million placement
Roughly 163.8 million fully paid ordinary shares will be issued to professional and sophisticated investors at 6.2 cents
This price represents a 15.1 per cent discount to Xanadu s last close of 7.3 cents on April 20
Xanadu will use the funds to undertake phase two exploration at the Kharmagtai Project in the South Gobi region of Mongolia
Shares in Xanadu are down 11 per cent and are trading at 6.5 cents
Well supported by both domestic and international institutions
Strong financial position to deliver Kharmagtai exploration strategy, targeting resource growth and definition of high-grade bornite-rich zones at depth
Concurrent with the Placement, firm commitments from certain institutional investors have been received to facilitate a $1.4 million sell down with an existing shareholder
Key shareholder SSI Asset Management AG maintains existing pro rata shareholding
The proceeds of the Placement, together with the Company s existing cash resources, will be applied towards the Kharmagtai Phase 2 exploration program in accordance with its strategy to target higher grade, bornite rich zones at depth and for general working capital purposes.
ASX: XAM, TSX: XAM)
(Xanadu or the Company) wishes to advise the appointment of Tony Pearson as a Non-Executive Director of the Company, effective 3 May 2021.
Mr Pearson is an experienced industry executive and company director who has lived and worked in Mongolia, China, Hong Kong, the Philippines and Indonesia. He has a strong understanding of emerging jurisdictions, balanced with the need for western governance practices. He has experience raising capital across equities, hybrids, bonds, convertibles and project finance in numerous jurisdictions. Tony is currently Chair of Peak Resources Limited (ASX:PEK) having been nominated by Appian Capital Advisory, a leading natural resources private equity group. Tony is also Chair of Cellnet Group Limited (ASX:CLT), a Trustee of the Royal Botanic Garden & Domain Trust, a Non-Executive Director of Communicare and a former Non-Executive Director of Aspire Mining Limited (ASX:AKM) and Group Executive of SouthGobi Resources Ltd (TSX:SGQ,
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