Cannindah Resources Limited (ASX:CAE), an Australian minerals exploration and development company focused on the advancement of its flagship Mt Cannindah Copper-Gold Project, has announced a non-renounceable rights issue to eligible shareholders. The offer is for 1 new share for every 2.4 shares held, at an issue price of 1.5 cents per new share, plus 1 attaching option for every 2 new shares subscribed. This aims to raise approximately $4,550,500 before offer costs.
The offer is fully underwritten by Canaccord Genuity (Australia) Limited. The attaching options are exercisable at 4 cents and expire three years from the date of issue. Proceeds from the rights issue will be used to fund and accelerate the company’s exploration program and provide working capital. Specifically, $2,448,000 is allocated for exploration, $328,000 for issue costs, and $1,774,500 for working capital.
The record date for determining entitlements under the issue is Wednesday, 27 August 2025. The offer opened on Monday, 1 September 2025, and is expected to close on Tuesday, 23 September 2025. Trading of new shares on the ASX is expected to commence on Tuesday, 30 September 2025.
Eligible shareholders are encouraged to submit their entitlement and acceptance forms as soon as possible after the offer opens. The company has decided that it is unreasonable to make offers under the issue to shareholders with registered addresses outside of Australia, New Zealand and Hong Kong. The Board thanks shareholders for their continued support.
